US-based real estate firm Hines has tied up with DNR Group to develop a premium commercial project in Bengaluru comprising a lease area of two million square feet.
This is the second office project being developed by the two companies in partnership with each other.
The project ‘DNR Nagawara’ will be developed on a land parcel of 11.3 acres and is located in an established micro market adjacent to Manyata Tech Park and Carle Town Center in North Bengaluru.
With DNR as project owner and Hines as development manager, the total leaseable 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 Dewan, Senior Managing Director and Country Head, Hines India, said: “We entered the Bengaluru office development business with the DNR Group in 2020 and today it has become our largest project portfolio in the country. “Hines and DNR have forged a successful partnership, which has laid the foundation for us to come together again and expand the relationship to create another Grade-A office project,” he added.
Dewan said the project would be attractive to its occupant partners for both built-to-suite and multi-tenant options.
Vipul Kumat, Managing Director, DNR Group, said: “With our combined experience, we will develop a world-class project to meet the needs of those living in a post-COVID environment. We believe the local-global partnership offers tenants unique benefits that neither alone can successfully do.” The DNR and Hines partnership began with ‘DNR Altitude’ in July 2020. The property is currently in Bengaluru. The rapidly changing corridor in Yeshwantpur is under development on a 4-acre land parcel owned by DNR Group.
Hines is a privately owned global real estate investment firm founded in 1957. It has a presence in 285 cities in 28 countries. It oversees investment assets under management of 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, totaling more than 511 million square feet.
In India, Hines has completed two 1.4 million sq ft commercial projects ‘One Horizon Center’ and ‘Skyview Corporate’ in Gurugram. The company has opted out of investing in these two projects.
Hines India is currently developing four housing and four commercial projects in major cities.
It has partnered with big realty players like DLFTata Realty and Shapoorji Pallonji to develop projects in India.
In December 2019, Laura Hines-Pierce, who has recently been promoted as the co-CEO of the firm, committed USD 500 million (about Rs 3,795 crore) in India to develop new commercial and housing projects. announced plans to invest.