US retail giant Target has signed a 10-year lease for 8.3 lakh sq ft of office space at the Manyata Embassy Business Park in Bengaluru, with a total rental outgo of approximately ₹1,250 crore, according to The Hindu BusinessLine.
The lease commenced in September 2025. Target will pay a monthly rent of about ₹8.73 crore, translating to ₹105 per sq ft per month. The space covers the ground floor and 10 upper floors of the newly developed L4 (Gulmohar) tower, according to property data analytics platform Propstack. The deal includes a security deposit of ₹52.36 crore and a rental escalation clause of 15% every three years.
Lease Terms at a Glance
| Key Lease Terms | Details |
|---|---|
| Tenant | Target (US retailer) |
| Location | Manyata Embassy Business Park, Nagavara, Bengaluru |
| Total Area | 8.3 lakh sq ft (11 floors: Ground to 10) |
| Lease Tenure | 10 years (from September 2025) |
| Total Rent Outgo | ₹1,250 crore |
| Monthly Rent | ₹8.73 crore |
| Per Sq Ft Rate | ₹105 per month |
| Security Deposit | ₹52.36 crore |
| Escalation | 15% every three years |
Strategic Implication for GCCs
The Hindu BusinessLine quoted an unnamed industry observer: "Target’s massive 8.3 lakh sft lease at Manyata Embassy Business Park underscores a growing trend among top-tier Global Capability Centres (GCCs) to scale up operations within familiar tech ecosystems. By securing an entire newly completed 11-floor block (G to 10), the retail giant is effectively consolidating and expanding its footprint inside the campus. This multi-year commitment, valued at an estimated ₹1,250 crore over its tenure, highlights the enduring premium that dominant tech hubs like Bangalore command for quality institutional real estate."
The lease reinforces Bengaluru's position as a preferred hub for large-scale office space absorption by multinational corporations. Target, primarily known as a US retailer, operates a global capability centre in the city, and this expansion signals confidence in the local talent pool and infrastructure.
Market Context
The deal comes amid a broader trend of GCCs increasing their real estate footprint in India. According to the report, such multi-year commitments underscore the importance of tech ecosystems like Bengaluru for top-tier companies. The 8.3 lakh sq ft transaction is one of the largest single-lease deals in the city recently, highlighting strong demand for quality institutional space.
No further details on headcount or specific business functions were disclosed in the report. The Hindu BusinessLine published the story on June 17, 2026.
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