Global real estate firm Hines announced that it has partnered with DNR Group, a local real estate development group, to enter the Bangalore office market. The partnership will develop an office project in Bangalore.
The land parcel, a 4-acre commercial site owned by DNR Group, is located in Yeshwantpur, a rapidly transforming corridor and an emerging alternate to CBD with excellent connectivity to public transportation in Bangalore.
The project, with 1 million square feet of built- up-area, which is currently in design stage, will have an international quality 20-story office tower with accompanying amenity spaces. The project is scheduled to break ground in Q1 2021, and complete in 2023.
In this partnership, Hines brings its world-class development experience to the table, including design, construction, leasing and asset management. DNR Group will bring their deep local expertise with respect to market knowledge.
“We are excited to enter the Bangalore office market with DNR Group, a partner with strong complimentary skills. We have been open to entering Bangalore with the right partner, and only on a land-parcel with the right characteristics. The city has the deepest institutional office market in India, and we are keen to add an exceptional Grade-A office project,” said Amit Diwan, Managing Director and India Country Head, Hines.
“We are pleased to partner with Hines on this project since we want to create a benchmark similar to the ones they have created in India and globally. This is an excellent location that benefits from great connectivity by road, as well as the metro. The site has a 200-meter frontage on the national highway, and we will build a high-end corporate address there. We believe a local-global partnership provides unique benefits to tenants that neither can do alone as successfully,” said Vipul Kumat, Managing Director, DNR Group.
Monish Krishna, Senior Director and Head of Commercial Business, Hines said “We are confident that with this project, our team will deliver another successful icon. We are well positioned to bring a future-proof office experience based on our global knowledge, that would meet requirements of occupiers in a post COVID-19 era.”
Hines has approximately $133.3 billion of assets under management across 205 cities worldwide, including two office developments, ‘One Horizon Center & Skyview Corporate Park’ in Gurugram.