India's biggest e-commerce company Flipkart has doubled its demand for office space to 3 million sq ft, barely two months after approaching top developers to lease 1.5 million sq ft. Embassy Office Parks, the equal joint venture between Blackstone and Embassy Group, is said to bag this lease deal which is pegged to be the largest office space transaction in India in at least a decade.
The deal, at Rs 52 per sq ft, is likely to be inked as early as this week. Flipkart plans to absorb the entire office space in two phases, but in a record four to five years. The e-commerce poster boy had short-listed Bangalore-based Bagmane Group and Embassy in a process advised by real estate consulting firm JLL.