ExxonMobil Renews 5-Year Lease for 5.31 Lakh Sq Ft Office in Bengaluru’s Whitefield IT Hub

ExxonMobil Services and Technology, a subsidiary of the Texas-based multinational ExxonMobil Corporation, has renewed its lease for approximately 5.31 lakh square feet of office space in Bengaluru's Whitefield micro-market for a period of five years. The lease, located within Prestige Shantiniketan, involves a monthly rental payout of ₹2.60 crore, as per lease documents accessed through real estate analytics firm Propstack.

The renewed lease pertains to office floors spread across two buildings, Crescent 1 and Crescent 2, within the Prestige Shantiniketan tech park. Specifically, ExxonMobil occupies floors 4 through 8 in Crescent 1 and floors 1, 2, 4, 5, 6, and 7 in Crescent 2. The lease began on November 1, 2023, and will be valid until October 31, 2028, with a renewal option available for an additional five years.

According to the lease terms, the rental rate has been fixed at ₹49 per square foot per month, with a scheduled escalation of 15% every three years. The lease does not involve any upfront deposit and includes provisions for 500 car parking slots. The agreement also includes a lock-in period of three years, which restricts either party from terminating the lease during that duration. The property owners are listed as Prestige Estate Projects Limited and INR Holdings.

Whitefield, one of Bengaluru’s most prominent IT and business corridors, has been attracting major global corporations due to its established infrastructure, high-grade office inventory, and access to a sizable talent pool. Prestige Shantiniketan, where ExxonMobil is headquartered, is among the earliest large-format integrated business parks in the area, featuring commercial, residential, and retail zones.

ExxonMobil’s decision to extend its occupancy reaffirms the sustained demand for well-located, Grade A office properties in the Whitefield micro-market. The area is also witnessing infrastructure expansion, including the operational stretches of Namma Metro’s Purple Line, which now connects Baiyappanahalli to Whitefield, further improving accessibility for corporate tenants.

Other Major Commercial Transactions in Bengaluru

Bengaluru’s office market continues to record high-value transactions, driven by global capability centres (GCCs), e-commerce giants, and technology services firms. Recent lease renewals and new occupancies indicate a stable outlook for large-format office assets, especially in well-connected locations.

In June 2025, Amazon Development Centre India and Amazon Seller Services jointly leased over 1 million square feet of office space in Kattigenahalli, North Bengaluru. The agreement, valued at ₹6.1 crore per month, began on October 9, 2024, and will continue for a decade. The leased premises comprise a carpet area of 7.14 lakh square feet and a total chargeable area of 9.86 lakh square feet. Amazon is paying a rate of ₹62.04 per square foot, and the space is located approximately 25 minutes from Kempegowda International Airport.

In another significant transaction, Google IT Services India renewed its lease for 8.7 lakh square feet in April 2025. The leased space is located within Bagmane Capital Business Park’s Kyoto West and East Towers in Doddanekkundi, East Bengaluru. The new agreement, valid for five years, represents an annual rental commitment of ₹90 crore. Prior to the renewal, the space was leased under the name Google Connect Services India from February 2020 to November 2024. The new agreement has been executed by one of Google’s affiliates.

Corporate Occupiers Drive Demand for Grade A Inventory

These transactions reflect the strong leasing appetite among major corporate occupiers in Bengaluru, particularly in submarkets like Whitefield, Outer Ring Road, and North Bengaluru. The city’s continued prominence as a preferred destination for global in-house centres and technology operations has led to steady absorption rates across key office corridors.

The inclusion of infrastructure upgrades, metro rail connectivity, and integrated workspaces has further enhanced tenant retention, as evidenced by long-term commitments like that of ExxonMobil. Office parks such as Prestige Shantiniketan, Bagmane Capital Business Park, and Amazon’s new facility in North Bengaluru are designed to cater to large-scale operations, offering a mix of built-to-suit and multi-tenant flexibility.

With ongoing investments by global companies and consistent interest in long-term leases, Bengaluru is expected to remain a primary driver of commercial real estate activity in India. While leasing patterns have evolved post-pandemic—with more emphasis on hybrid work formats, occupiers with extensive technology and engineering teams continue to favour physical office environments in strategic locations.