January 31, 2026 |
IBM India leases 2.3 lakh sq ft in Gurugram for ₹180 crore over 10 years
IBM India Private Limited has leased 2.3 lakh sq ft of office space in Gurugram for a total rent of ₹180 crore for 10 years, according to a document accessed by Propstack.
The technology major has leased spaces on floors 7 to 12 of Tower 4 at Intellion Park in Sector 59. The lease has been signed with Mikado Realtors Private Limited, a Tata Group Company (Tata Realty and Infrastructure Ltd), as the landlord, the document showed.
The chargeable area of 2,30,378 sq ft has been leased at a monthly rent of ₹1.25 crore at ₹54.5 per sq ft per month, and the lease commenced on September 22, 2025.
The lease agreement provides for a 15% rent escalation every three years, while IBM has paid a security deposit of ₹18.43 crore, according to the document.
The transaction includes 307 car parking spaces, the document said. It also mentions that IBM will have 150 seats in the food courts of Towers 3 and 4.
A list of questions has been sent to IBM India and Mikado Realtors. The story will be updated if a response is received.
“Intellion continues to attract quality clients with large space requirements at NCR. First Zomato and now IBM, together accounted for about 0.5 million sq ft absorbed by just two tenants. IBM’s 10-year lease with a total outlay of ₹180 crore highlights the continued appetite for large floor plates and long-term consolidation in NCR’s premium office corridors,” Raja Seetharaman, co-founder of Propstack, said.
Earlier this month, Zomato’s parent company, Eternal Ltd, leased seven floors (2.78 lakh sq ft) in the same IT park for a monthly rent of ₹2.33 crore. The leased premises comprise the ground floor and floors four to nine, with a total chargeable area of 2,78,249 sq ft. The lease commenced in October 2025.
Among other transactions, Israel Aerospace India Services Pvt Ltd, a subsidiary of the state-owned aerospace and aviation manufacturer in Israel, leased 45,277 sq ft of office space for a monthly rent of ₹32.14 lakh. The space is located in Tower 1 of the same premises. The company occupied the 12th floor for a five-year lease beginning May 5, 2025.
Last year, Elon Musk’s Tesla leased a 33,000-square-foot area in a commercial building in Gurugram, Haryana, for a starting rent of ₹40 lakh per month. The company has registered a 9-year lease for the unit in Gurugram’s Orchid Business Park. The chargeable area is 33,475 sq ft, while the super-built-up area of the property is 50,914 sq ft, it said, adding that there is a 3-year lock-in.
Nagarro Enterprise Services Pvt Ltd, a German IT services firm, has also leased more than seven lakh sq ft in Gurugram’s Sector 18 for a monthly rent of ₹2.90 crore. The commercial space was leased in the Udyog Vihar area, Sector 18, in a property constructed by Chimera Developers LLP. The lease commenced on January 1, 2025, for 12 years. According to the documents, the lock-in period for the lease agreement is three years.
Table Space Technologies Private Limited, a flexible workspace solution provider, also leased 5.34 lakh sq ft of office space for ₹3.47 crore per month in Intellion Park. The transaction was registered on July 25, 2025, between Table Space Technologies Private Limited and Mikado Realtors Private Limited.
Source – Hindustan Times
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