India, June 17 -- US retailer Target's India arm, Target Corporation India Private Limited, has expanded its footprint in Bengaluru by leasing 8.31 lakh sq ft of office space at Embassy Manyata Business Park, owned by Embassy REIT, under a 10-year agreement, according to documents accessed by Propstack. With a total rental commitment of nearly Rs.1,250 crore over the lease term, the transaction ranks among the largest office leasing deals signed by a global capability centre (GCC) in the city.

The company took the space at a monthly rental of Rs.105 per sq ft, translating into a rent outgo of approximately Rs.8.7 crore per month. It also paid a security deposit of Rs.52.36 crore. The lease agreement includes a 15% rent escalation every t...