Cognizant Renews Leases of Over Rs 6.27 Lakh Sft Office Space in Pune
The Indian arm of US-based Cognizant Technology Solutions has renewed two deals for more than 627,000 sq ft of office space in Pune’s Hinjewadi Rajiv Gandhi IT Park. The company has renewed the lease for five years through two agreements registered. The space is spread over 10 Floors across two blocks of Quadron Business Park. The renewals assume significance in the backdrop of the Nasqaq-listed information technology company’s announcement earlier this month that it will lay off 3,500 employees or around 1% of its global non-bailable corporate workforce, and trip real-estate cost by giving up office spaces in India. The company’s total workforce is over 3.51 lakh employees. For the 260,000 sq ft space in block 4 the company will pay a rent of Rs 1.25 crs per month under the renewed deal. For the space in block 2 where it occupies 367,000 sq ft, the rent is Rs 2.10 crore per month. Together it will pay more than Rs 201 crore in rent during the five-year period. The agreement for Block 4 is from October 2021 till October 2026 while for Block 2 it is from December 2022 to December 2027.
Tags : Cognizant Technology Solutions 627 000 sq ft office space Pune Hinjewadi Rajiv Gandhi IT Park Lease Five Years 10 Floors Quadron Business Park 260 000 sq ft Rent Rs 1.25 crs 367 000 sq ft