In one of Bengaluru’s largest commercial real estate deals, global semiconductor display equipment manufacturer Applied Materials has leased 8.06 lakh sq ft of office space in Whitefield for ₹855 crore over a 10-year period. The lease, according to documents accessed by Propstack, translates to a monthly rent of ₹5.97 crore, highlighting the growing demand for high-quality office space in the city’s IT hubs.
The leased space is located in the ITPB-Endeavour (MTB 6) building within the International Tech Park Bangalore (ITPB) on Pattandur Agrahara Road, Whitefield. The lease covers the ground floor and 15 upper floors of the building. The agreement commenced on April 1, 2025, and includes a total rent outlay of ₹855 crore over the 10-year tenure, with a 15% escalation every three years. Applied Materials has also provided a security deposit of ₹35.8 crore as part of the agreement.
Applied Materials has additionally secured a hard option to lease an extra 3 lakh sq ft in the upcoming Tower 8 of the same complex, which is expected to be ready by October 1, 2027. This expansion option aligns with the company’s plans to strengthen its operations in India and meet the growing demand for semiconductor and display technologies.
The company’s presence in Bengaluru is not new. In 2022, Applied Materials acquired a nearly 10-acre land parcel and developed a built-up office space spanning 2.6 lakh sq ft in Whitefield’s Industrial Area for ₹338 crore. The India subsidiary operates across five office blocks in Export Promotion Industrial Park (EPIP) phase II, reflecting a long-term commitment to expanding its footprint in the region.
The lease coincides with significant developments in India’s semiconductor sector. On September 2, 2025, Union Information and Broadcasting Minister Ashwini Vaishnaw presented the country’s first indigenously developed Vikram 32-bit chip to Prime Minister Narendra Modi at the Semicon India 2025 conference. Highlighting the sector’s strategic importance, PM Modi referred to semiconductor chips as the “digital diamond” of the modern era, drawing parallels with oil as a driver of industrial growth in previous decades.
Bengaluru continues to attract major global companies seeking large office spaces. Earlier, Tata Consultancy Services (TCS) had leased 1.4 million sq ft in Electronic City for ₹2,130 crore over 15 years, while Apple India Pvt Ltd secured 2.7 lakh sq ft in Embassy Group’s Embassy Zenith for over ₹1,000 crore over a 10-year lease. These transactions underline the strong appetite for high-grade commercial space in Bengaluru’s IT corridors and the city’s status as a preferred destination for technology-driven businesses.
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