California-based KLA Tencor Leases 3,20,000 Sq Ft Office in DLF Downtown Chennai

KLA Tencor, a California-based provider of process control systems, has leased 3,20,000 sq ft of office space in the upcoming DLF Downtown Taramani in Chennai. It is one of the largest transactions the city has seen in the commercial leasing segment. The company is expected to relocate to the new office within the next three months.

CBRE, a global property consultant, was the transaction advisor for the deal.

The initial phase of DLF Downtown at Taramani in Chennai should be completed in the next few months. It’s more than 80% leased and DLF is confident to lease the rest of the space before project completion of this phase.

The second phase of 1.1 million sq ft is also under construction and this too has been leased. The project has potential to develop another 3.5 million sq ft at this site. Of the 3.5 million sq ft, DLF has pre-leased 2.6 million sq ft with average rental of about Rs 80 per sq ft per month.

DLF Cyber City Developers Ltd (DCCDL), the rental arm of DLF Ltd, reported Rs 5,419 crore revenue in FY 23, a 19% year-on-year increase.  DLF is seeing healthy demand for newer developments, indicating a clear shift by large occupiers towards quality workplaces.