Apple renews lease for 52,000 sq ft space
Multinational technology company Apple has renewed its lease for 52,000 square feet of flexible office space at Safina Towers in Bengaluru. The firm will pay Rs 1.42 crore per month by way of compensation for the use and occupation of the premises. Apple has also paid a license fee of 71.19 lakhs and a security deposit of Rs 4.58 crore.
As per the agreement lease rental will escalate by 5 percent at the end of 16 months, and thereafter every 12 months.