On the condition that no rivals are allowed to take space there, Apple has agreed to a $300,000 monthly lease for more than three floors of a new building in Bengaluru’s corporate district known as Minsk Square. In Bengaluru, Apple has previously rented office space totaling over 40,000 square feet. Initially, it was acquired for its Design and Development Accelerator program. There are three full floors and parts of two more in the Minsk Square building, totaling 1,16,888 square feet.
The Hindu Businessline claims that a requirement of Apple signing the deal was that some competitors would not be permitted to lease space in the building. These rivals are listed as Alphabet, Microsoft, Samsung, Xiaomi, Amazon, Huawei, Netflix, Facebook, Spotify, Baidu, and Tencent in the lease deed documents. Apple is expected to begin making rent payments on July 1, 2023. Every three years, the $300,000 monthly amount will rise by 15%.
Apple signed a contract for ten years, but the company and the building’s owner, Prestige Estates Projects, are restricted to only five. For three further terms of five years each, Apple has the option to extend the lease.
The opening of the new facility in Bengaluru coincides with an effort by Apple and its suppliers, including Foxconn, to shift additional production from China to India. Foxconn has previously made plans to construct a $700 million plant in Bengaluru specifically for the manufacture of iPhones as part of that.
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