NEW DELHI: US-based real estate firm Hines has tied up with DNR group to develop a premium commercial project in Bengaluru comprising two million square feet of leasable area. This is the second office project being developed by both the companies in partnership with each other.
The project ‘DNR Nagavara‘ will be developed on a 11.3 acre land parcel and is located in an established micro market adjacent to Manyata Tech Park and Karle Town Centre in North Bengaluru.
With DNR as the project owner and Hines as the development manager, the total leasable area of the project is estimated to be two million square feet and is expected to be completed by the fourth quarter of 2026.
Amit Diwan, senior managing director and country head of Hines India said: “We entered the Bengaluru office development business with DNR group in 2020 and today it has grown to be our largest project portfolio in the country.”
“Hines and DNR have established a successful partnership, which has laid the foundation for us to come together again and expand the relationship to build yet another Grade-A office project,” he added.
The project will be attractive to both built-to-suit and multi-tenanted options for its occupier partners, Diwan said.
Vipul Kumat, managing director, DNR Group said: “With our joint experience, we shall develop a world-class project to meet the needs of the occupiers in a post-COVID environment. We believe a local-global partnership provides unique benefits to tenants that neither can do alone as successfully.”
DNR and Hines’ partnership began with ‘DNR Altitude’ in July 2020. The asset is currently under development on a 4-acre land parcel owned by DNR Group in Yeshwantpur, a rapidly transforming corridor in Bengaluru.
Hines is a privately owned global real estate investment firm which was founded in 1957. It has a presence in 285 cities in 28 countries. It oversees investment assets under management totalling approximately USD 90.3 billion.
In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet.
Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totalling over 511 million square feet.
In India, Hines has completed two commercial projects ‘One Horizon Center’ and ‘Skyview Corporate’ in Gurugram comprising 1.4 million square feet. The company has exited from investments in these two projects.
Hines India is currently developing four housing and four commercial projects across major cities.
It has partnered with big realty players like DLF, Tata Realty and Shapoorji Pallonji to develop projects in India.
In December 2019, Laura Hines-Pierce, who has recently been elevated as the co-CEO of the firm, had announced plans to invest USD 500 million (around Rs 3,795 crore) in India to develop new commercial and housing projects.