The Indian arm of US-based Cognizant Technology Solutions has renewed two lease deals for more than 627,000 sq ft of office space in Pune’s Hinjewadi Rajiv Gandhi IT Park. The company has renewed the lease for five years through two agreements registered on April 28. The space is spread over 10 floors across two blocks of Quadron Business Park.

The renewals assume significance in the backdrop of the Nasdaq-listed information technology company’s announcement earlier this month that it will lay off 3,500 employees, or around 1% of its global non-billable corporate workforce, and trim real estate costs by giving up office spaces in India. The company’s total workforce is around over 3.51 lakh employees.

For the 260,000 sq ft space in block 4, the company will pay a rent of Rs 1.25 crore per month under the renewed deal, as shown in the documents accessed through Propstack.

For the space in block 2, which occupies 367,000 sq ft, the rent is Rs 2.10 crore per month. Together, they will pay more than Rs 201 crore in rent during the five-year period.

Source – Economic times


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