Hines, a real estate firm based in the US, has tied up with DNR group for the development of a premium commercial project in Bangalore which includes a 2 million sq ft of leasable area.
This marks the second office project developed by the companies in a partnership.The project named 'DNR Nagavara' shall be developed across an 11.3-acre land parcel located within an established micro-market next to the Manyata Tech Park and Karle Town Center, Northern Bengaluru. DNR is the project owner with Hines being the development manager. The total project leasable area is approximately 2 million sq ft and it is expected to be completed by 2026. Hines India senior managing director and country head Amit Diwan told the media that they had entered the Bengaluru office development business in 2020 with the DNR group which today has grown to be their largest project portfolio in India. He said that Hines and DNR have a successful partnership creating a foundation for them to come together again for expanding the relationship to make another Grade-A office project. The new project shall be attractive to built-to-suit as well as multi-tenanted options for the occupier partners. DNR Group managing director, Vipul Kumat said that with their joint experience they will develop a world-class project to ensure the needs of the occupiers after the COVID-19 environment is met. They believe that a local-global partnership gives unique benefits to the tenants which would not be done successfully alone. Image Source
