Nike India leases 1.25 lakh sq ft in Bengaluru for ₹121 crore

Nike India Technology Center Private Limited has leased more than 1.25 lakh sq ft of office space at Bagmane Tech Park in Bengaluru through two separate transactions registered for a five-year period, at a total rent of ₹121 crore, according to property registration documents accessed by CRE Matrix.

The two deals cover 1,25,639 sq ft of office space and 143 parking slots across the Olympia Building and Bagmane Tridib. Queries have been emailed to Bagmane Developers and Nike India, and the story will be updated if a response is received.

In the first transaction, Nike India leased 48,639 sq ft of office space on the third floor of the Olympia Building at Bagmane Tech Park at an initial monthly rent of ₹80.25 lakh. According to the documents, the lease agreement was executed for a five-year term commencing on January 15, 2026, with rent payments scheduled to begin on May 15, 2026.

The company paid a security deposit of ₹4.81 crore and secured 55 paid car parking spaces, each costing ₹5,500 per month. The lease carries a rental rate of ₹165 per sq ft per month, with a 15% rent escalation every three years, according to the documents.

In the second transaction, Nike expanded its footprint by leasing an additional 77,000 sq ft in Bagmane Tridib, according to property registration documents. The leased space comprises 39,000 sq ft on the sixth floor and 38,000 sq ft on the seventh floor.

The combined starting monthly rent for the two floors is ₹1.27 crore, translating to a rental rate of ₹165 per sq ft per month. The agreement has been signed for a five-year tenure and includes a 15% rent escalation every three years. Rent payments for the two floors are scheduled to commence from May 15, 2026, and August 15, 2026, respectively.

According to the documents, the company paid a security deposit of ₹7.62 crore for the Bagmane Tridib lease and secured 88 paid parking spaces.

The development comes against the backdrop of the initial public offer of Blackstone-backed Bagmane Prime Office REIT, which opened on May 5 and closed on May 7 this year. The Bengaluru-based REIT, which develops and manages Grade A office properties, secured about ₹1,150 crore from initial investors before the public offering, according to news reports.

According to the reports, the REIT has 3 million square feet located in key micro-markets of Bengaluru, including the Outer Ring Road and the Secondary Business District.

Taken together, the two lease transactions give Nike about 1,25,639 sq ft of office space and 143 parking slots at Bagmane Tech Park, under lease agreements running for five years with rent escalation clauses built in.