Adobe Systems buys 4 lakh square feet of office space in Bengaluru for Rs 505 crore
Adobe Systems has purchased a built-to-suit building in Bengaluru for Rs 505.3 crore, registration documents show.
Located at Prestige Tech Park IV in Bellandur, the building has a super built-up area of over 4.1 lakh square feet, and consists of two basement floors, ground and 12 upper floors.
The company gets 640 exclusive car parking slots along with the building, and this is not part of the super built-up area, the sale deed accessed from data analytics firm Propstack shows.
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The US-based multimedia and creativity software products maker plans to focus on banks, retail companies and large organisations in India. Last year it said India was a critical market, and it was betting on initiatives such as Digital India, Make in India to provide the impetus for its next phase of growth in the country. It also sees opportunities in the start-up space as new age companies increasingly rely on its products to showcase their services.
The recent trend among large multinational software and tech corporations is to establish permanent bases in India as part of their China-plus-one policy. While long leases are still predominant, several companies are making outright purchases of built-to-suit spaces.