Ola renews lease for office space in Bengaluru
Riding-hailing and electric vehicle (EV) maker Ola has renewed the lease for 4.27 lakh sq ft of office space in Bengaluru. The lease is renewed via two agreements with Rs 281 crores as the total rent for the lease period.
The first lease agreement is signed by Ola Electric Technologies Pvt. Ltd. with RMZ City Estates Pvt. Ltd. for 1.68 lakh sq ft of office space across the 4th, 5th, and 6th floors of Prestige RMZ Star Tech for a period of 5 years. Another agreement is signed by ANI Technologies Pvt Ltd, the parent entity of Ola, which has renewed the lease for 2.59 lakh sq ft across the ground, first, second, third, seventh, and eighth floors of the same building for 5 years.
Both agreements have a rent escalation clause.
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