Cognizant, a major player in the tech industry, has decided to sell its prime property in Chennai, which has served as its India headquarters for over two decades. The property, located on Chennai's IT Corridor, includes a 15-acre land parcel and office space spanning 400,000 square feet. Real estate industry estimates suggest that the sale could bring in between Rs 7.50 billion and Rs 8 billion.
The company has appointed the international property advisory firm JLL to handle the sale of the property situated at Okkiyam Thoraipakkam on OMR. JLL has reportedly been in discussions with several potential buyers, including local developers such as the Baashyaam Group and Casagrand. However, according to sources, no agreement has been finalized yet.
Cognizant was not available for comment, and JLL declined to provide any details, stating that the sale process is still in its early stages. Market sources, however, suggest that Cognizant aims to complete the sale and vacate the campus by December 2024. After the sale, the company's new India headquarters is expected to operate from the MEPZ campus near Tambaram on GST Road.
This decision to sell the property is part of Cognizant's strategy to consolidate its operations into three of its own buildings located at MEPZ, Sholinganallur, and Siruseri. As part of this consolidation, Cognizant has been relinquishing leased spaces throughout Chennai, including prominent locations at Ramanujan IT Park, DLF, and St. Mary's Road offices in R A Puram.
The Thoraipakkam office has been a significant site for Cognizant, serving as the base for the company's India headquarters for over 20 years. It was from this location that Lakshmi Narayanan and Chandrasekaran, two of the professional co-founders of Cognizant, operated. This campus was also the site of the landmark event where Cognizant remotely rang the Nasdaq opening bell.
