Embassy Group, a real estate developer, has entered into an agreement with Cornerstone Group, a Bangalore-based property group, to develop a business park spread over 100 acres at Varthur near Whitefield, an IT and technology hub in Bengaluru. The proposed Embassy Cornerstone Business Park will have 12 million square feet of premium office space.
This will be Embassy Group’s fourth business park in the city. Embassy has till now developed many business parks in Bengaluru and Pune. These parks host over 150 large global and Indian corporations where over 200,000 professionals work.
“This will help us offer a stronger value proposition through additional location options to our portfolio of over 150 corporate clients. Besides North Bangalore and the CBD we will now be present in the Whitefield area, a preferred destination for corporate occupiers. We look at this as a win-win partnership for both Embassy and Cornerstone,” Jitu Virwani, chairman & managing director, Embassy Group, said.
With a real estate portfolio of over 37 million sq ft the company is present in the commercial, residential, hospitality and retail among others. Recently, it announced foray into warehousing space in the country across Bengaluru, Pune and Chennai.