BENGALURU: Real estate developer Embassy Group said it signed a pact with city-based land owner Cornerstone Group to develop a business park in Bengaluru.

Embassy will develop a 100-acre land parcel in Varthur, near Whitefield area in Bengaluru, with a potential 12 million square feet of office space, backed by world-class facilities and amenities.

This will be Embassy’s fourth business park in the city, with the other three being Embassy GolfLinks Business Park, Embassy Manyata Business Park and Embassy TechVillage.

“This will help us offer a stronger value proposition through additional location options to our portfolio of over 150 corporate clients – besides North Bangalore and the CBD we will now be present in the Whitefield area, a preferred destination for corporate occupiers,” Embassy chairman and managing director, Jitu Virwani, said.

Embassy declined to disclose the size of the deal but said it will spend Rs 500 crore to develop the park, which does not include land cost.

Embassy bought 30 acres of land and 70 acres is on joint development. “Considering this is an evolving future micro market that has a close proximity to both residential and social infrastructure of the eastern corridor of the city, this will definitely add a new dimension and become a great alternative and add to the much starved supply of the Grade A office market of the city ” Juggy Marwaha, managing director South India, JLL India told TOI.

Embassy, along with private equity firm Blackstone, bought a majority stake in the 106 acre business park Vrindavan Tech Village in Bengaluru for Rs 1,951 crore last year, making it one of the largest commercial real estate transactions in India.

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Source: TOI-BGLR