Bengaluru: Samsung Research and Development Institute India- Bangalore (SRI-B) has renewed its lease for 420,000 square feet of office space in Bengaluru with Bagmane Developers for five years.

The lease, which started in June this year, includes a lock-in period until April 2027.

According to a lease renewal deed shared by analytics firm Propstack, the firm will pay an annual rent of ₹50 crore, with a 5% yearly escalation. This translates to ₹102 per square foot per month.

The company occupies the basement, ground, and ten floors, including some of the upper portion of the 11 floors in the property leased in 2019, which expired in April 2024.

Samsung did not reply to an email query shared by ET.

SRI-B is Samsung group’s largest R&D centre outside of South Korea and serves as a pivotal innovation hub along with Samsung Semiconductor India Research.

SRI-B’s role within the Samsung group is twofold: firstly, to establish unique selling propositions for global flagship devices through significant advancements in modern, multimedia, AI, and Internet of Things. Secondly, it is to address the specific needs of consumers.

Source- The Economic Times