Target Leases 8.31 Lakh Sq Ft In Bengaluru In ₹1,250 Crore Deal

Target Corporation India Private Limited, the Indian arm of US retail giant Target, has significantly expanded its presence in Bengaluru by leasing 8.31 lakh sq ft of office space at Embassy Manyata Business Park. The transaction, valued at nearly ₹1,250 crore over the lease period, ranks among the largest commercial office leasing deals signed by a Global Capability Centre (GCC) in the city.

The office space has been leased from Embassy REIT under a 10-year agreement, reflecting Bengaluru's continued appeal as India's leading destination for global technology and capability centres. According to property documents accessed by Propstack, the lease covers the ground floor and ten upper floors of an entire office building within the business park.

Large-Scale Long-Term Commitment

The lease agreement commenced on September 1, 2025. Target has agreed to pay a monthly rental of ₹105 per sq ft, translating into an estimated rental outgo of approximately ₹8.7 crore every month. The company has also paid a security deposit of around ₹52.36 crore.

The agreement includes a 15% rent escalation every three years, indicating Target's long-term commitment to its operations in Bengaluru. The sizeable transaction highlights growing confidence among multinational companies in India's commercial office market, particularly in established technology ecosystems.

Embassy Manyata Business Park Remains A Preferred Office Destination

Spread across approximately 121 acres along Bengaluru's Hebbal-Airport corridor, Embassy Manyata Business Park is one of Asia's largest integrated office ecosystems. The campus comprises more than 25 operational buildings and offers around 17.2 million sq ft of leasable office space.

The business park houses over 60 multinational corporations and serves as a workplace for more than 100,000 professionals. Its large-scale infrastructure, integrated ecosystem and strategic location have made it one of Bengaluru's most sought-after office destinations for global occupiers.

Bengaluru Continues To Lead GCC Growth

The transaction also underlines Bengaluru's position as India's leading office leasing market. The city has emerged as the country's top office destination, driven primarily by the expansion of Global Capability Centres. International corporations continue to choose Bengaluru because of its deep talent pool, mature technology ecosystem and availability of institutional-grade office infrastructure.

Industry experts note that Target's decision to lease an entire newly completed office block demonstrates a broader trend of multinational companies consolidating and expanding operations within established technology campuses. The deal also reinforces the premium commanded by high-quality office assets in Bengaluru's commercial real estate market.

Key Highlights

• Target Corporation India Private Limited has leased 8.31 lakh sq ft of office space in Bengaluru.
• The transaction is valued at nearly ₹1,250 crore over a 10-year period.
• The office space is located at Embassy Manyata Business Park.
• Target will pay an estimated monthly rent of about ₹8.7 crore.
• The company has deposited approximately ₹52.36 crore as security.
• The deal ranks among the largest GCC office leasing transactions in Bengaluru.

The latest office leasing deal further strengthens Bengaluru's position as India's premier destination for multinational corporations and Global Capability Centres. Target's long-term commitment highlights continued demand for Grade A office assets and reinforces the city's importance in the country's commercial real estate landscape.

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