Embassy Taurus TechZone Announces the Single Largest Office Lease Transaction in Trivandrum, with Allianz Companies as the First Marquee Tenant
- The single largest office-lease transaction of its kind in Trivandrum
- Demand for grade-A commercial real estate and thriving business ecosystems is expected to witness soaring growth in Kerala
18th January 2022 | National: Embassy Group, one of India’s leading commercial real estate developers, announced Allianz companies as its first marquee tenant, at the state-of-the-art Embassy Taurus TechZone today. Taking up 463,704 sq. ft. of the Grade-A office space, this development records the largest single office lease transaction in the city, cementing Trivandrum as one of South India’s preferred IT/ITeS (Information Technology and IT-enabled Services) destinations.
The 3 million sq. ft. world-class SEZ (Special Economic Zone) office space is being jointly developed by Taurus Investment Holdings India and Embassy Group in Taurus Downtown Trivandrum. Located in a renowned growth corridor 12 kilometers away from the International Airport, the expansive 21-acre integrated development will afford effortless access to food courts, banks, ATMs, daycares, and healthcare centers. The LEED Gold-rated buildings will offer quality, sustainable and energy-efficient workspaces that are equipped to meet modern challenges and will host an end-to-end building management system.
Speaking on Embassy Taurus TechZone’s first marquee tenant, Aditya Virwani, COO (Chief Operating Officer), Embassy Group, said, “Allianz Companies’ lease at Embassy Taurus TechZone is the largest single office transaction of its kind in Trivandrum and the beginning of recovery for the Indian Real Estate sector. This is a testament to how demand for large office spaces by blue chips has not been diminished by Covid-19, and we are confident that it will continue to grow. Embassy Group is poised to meet this mounting demand for Trivandrum’s booming IT, ITeS, and BPM (Business Process Management) sector with our future-first, state-of-the-art and sustainability-centric office spaces.”
Somesh Jauhari, CPO (Chief People Officer) for Allianz Technology India and Allianz Services India, said, “With this new space, we aim to consolidate our presence of close to two decades in Technopark, Trivandrum, across multiple buildings, by creating a modern and safe world-class working environment for our people and continuing to be a Great Place to Work™. This also reaffirms our commitment to further grow in this location that’s home to over 5,500 Allianz employees and remains one of the single largest locations for Allianz outside of Europe.”
John Thomas, CEO (Chief Executive Officer), Kerala IT Parks, said, “Taurus Downtown Trivandrum is one of the landmark projects of this Government. Trivandrum is a growth center for companies looking at Tier-2 cities as an option to consolidate or expand their businesses. Allianz has shown consistent commitment to growth in Trivandrum – their decision to expand to Embassy Taurus TechZone is a big boost to Technopark’s growth story.”
The handover timeline for the tenancy is scheduled for November 2022.
ETTZ is a part of the Downtown Trivandrum project, a mixed-use development with seamless integration of commercial, retail, entertainment, and hospitality experiences. A globally-renowned co-working service provider will set up a facility at ETTZ, while Mexico-based Cinepolis will also set up Kerala’s largest 15-screen multiplex in the project, which will include Kerala’s first IMAX screen. The project on completion is expected to generate over 30,000 direct jobs.
About Taurus Investment Holdings
Taurus Investment Holdings, LLC (“Taurus”) is a global investor, developer, and operator with a pervasive regional market network that leverages its diversified capital and operational infrastructure to capitalize on exclusive commercial and residential real estate opportunities. Founded in Munich, Germany in 1976 and currently headquartered in Boston, Massachusetts, Taurus currently has a local presence in 15 markets on four continents. To date, Taurus has purchased, developed, and sold more than 54 million square feet (5 million square meters) of office, industrial, retail and residential assets throughout the world with a total acquisition value of over $8 billion. The firm is an active participant in key markets including New York, London, Munich, Frankfurt, Ankara, Istanbul, and Buenos Aires, with India being the latest market that it has entered. One of Taurus’ flagship projects is the 2000 Acre Whisper Valley in Austin, Texas, a $2 Billion “smart city” development with 7,000 homes, which is the first large-scale net-zero energy integrated community in the US. More information at www.tiholdings.in
About Embassy Group
Founded in 1993, Embassy Group is one of India’s largest real estate conglomerates with a broad portfolio of over 62 million sq ft of prime commercial, residential, and industrial space in India. Across all asset classes, Embassy lays a strong emphasis on high standards of quality, delivery, world-class service, environmental management, and safety. Embassy has partnered with global investors including Blackstone and Warburg Pincus at the group and project levels. In many areas, Embassy has been a pioneer of new practices; the embassy was a sponsor of India’s first REIT, the largest office REIT in the Asia Pacific. As an extension of its vision to create world-class urban infrastructure, the company has also contributed to the field of education. The group’s community outreach program empowers over 15,000 children across 150+ government and rural schools to create a positive social impact in India