Accenture, a global management consulting, technology services and outsourcing company, is strengthening its operation in India. The company has signed a 15-year lease agreement for a 68,000 square feet office space with Tishman Speyer, a global real estate developer.
The facility named WaveRock is located at Gachibowli in the financial district in Hyderabad. Wave Rock is being developed by TSI Ventures, a joint venture between Tishman Speyer and ICICI Venture, the private equity arm of ICICI Bank. The financial terms of the transaction were not disclosed.
Accenture can further expand the space up to 278,000 square feet in the next 12 months, said a company statement. It currently employs over 181,000 people across 120 countries in the world. Accenture is already a tenant at one of Tishman Speyer’s office towers in Chicago. In India, Accenture has offices in over 20 locations in cities including Mumbai, Bangalore, Chennai, Hyderabad, Pune, Delhi, Gurgaon and Noida.
The company claims the transaction as one of Hyderabad’s largest office lease deals in the past year. In February, the firm announced a lease agreement for 180,000 square feet with Tata Consultancy Services.
Rakesh Sharma, MD and country head, Tishman Speyer, said, in the statement, “We are making significant progress in leasing the WaveRock project, helping to meet the considerable market demand for world-class office space in the strategically-situated Hyderabad area.”
“Even at this early stage of leasing activity, we are seeing considerable interest from both Indian and foreign companies,” Sharma added.
The first phase of the project was opened in February, 2010. Other major office campuses in the area include Microsoft, Franklin Templeton and UBS.
Tishman Speyer is a leading realty developer and fund manager. It currently operates over 325 projects totaling over 116 million square feet across the United States, Europe, Latin America and Asia.