World · India Bureau
Cognizant signs major five-year lease for Chennai tech park space
IT services major Cognizant Technology Solutions has committed to a substantial office expansion in Chennai, securing over 645,000 square feet at a premier technology zone. The long-term lease underscores the company's continued confidence in India's tech talent hub.
LSN India ·
Cognizant has leased 645,172 square feet of office space at Embassy Splendid TechZone in Chennai under a five-year agreement, according to deal details. The monthly rental obligation stands at ₹4.77 crore, translating to approximately ₹28.6 crore annually for the initial lease period.
The lease structure includes a 15% rent escalation clause every three years, a common provision in long-term commercial real estate agreements across India's major tech hubs. This arrangement reflects the anticipated appreciation in property values and operational costs over the lease duration.
Embarry Splendid TechZone, located in Chennai's established IT corridor, hosts multiple multinational corporations and provides modern infrastructure tailored to technology and business services companies. The facility offers facilities management, security, and connectivity infrastructure designed for large-scale IT operations.
Cognizant's Chennai operations represent a significant component of the company's India-based workforce. The city has emerged as a key employment center for global IT services providers, competing with established hubs in Bangalore, Hyderabad, and Pune for talent acquisition and service delivery centers.