The company’s India subsidiary, Target Corporation India has taken on lease the space across the ground and 10 upper floors of a newly developed commercial building at Embassy Manyata Business Park in Nagavara from Embassy Office Parks REIT. The lease commenced on September 1, 2025.
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The transaction is a fresh lease signed at a monthly rental of Rs 105 per sq ft, translating into a monthly rent of Rs 8.726 crore. The lease tenure is 10 years and carries a security deposit of Rs 52.36 crore, showed the documents accessed through Propstack.
The agreement also provides for a 15% escalation in rentals every three years, reflecting the continued pricing strength of Grade A office assets in Bengaluru, India’s largest office market by leasing activity.
The transaction ranks among the larger office leasing deals signed by a multinational occupier in recent years and highlights the growing appetite of global corporations to expand their engineering, technology and business operations from India.
ET’s email queries to Target Corp and landlord Embassy Office Parks REIT remained unanswered.Also read: TGT stock: Why are Target Corp shares rising? Is it the most lucrative stock today at Wall Street?
Bengaluru continues to dominate GCC leasing activity, driven by a deep talent pool, a mature office ecosystem and sustained demand from multinational corporations across technology, retail, financial services and engineering sectors. Large office parks have emerged as preferred destinations for such occupiers due to their scale, infrastructure and ability to accommodate expansion requirements.
The latest deal adds to the momentum in the city’s commercial real estate market, where large occupiers are increasingly opting for campus-style developments and long-term leases to support their growth strategies while consolidating operations in key business districts.