Microchip Technology acquires 1.68 lakh sft of office space in Kokapet
Semiconductor major Microchip Technology has acquired 1,68,000 sft of office space in One Golden Mile at Kokapet
Hyderabad: Semiconductor major Microchip Technology has acquired 1,68,000 sft of office space in One Golden Mile at Kokapet. Cushman & Wakefield are the advisors for the transaction.
Microchip Technology is headquartered in Arizona (USA) with development centres in Bengaluru, Hyderabad, and Chennai.
This office space transaction is the first of multiple investments by Microchip to expand their research and development footprint in India. The company estimates that the newly acquired space will sustain their growth plans for the next 10 years as they continue to hire and expand.
“Microchip has enjoyed significant and sustainable growth over recent years and our team in India is a critical contributor to that success. This investment is another step towards expanding our capabilities in India, which in turn will drive greater long-term business opportunities regionally and globally”, said Srikanth Settikere, Vice President and MD of Microchip Technology India.
One Golden Mile (OGM) is a premium commercial property co-promoted by Aurean, Eskar, and Terminus with a total footprint of 500,000 sft consisting of office spaces and high-street retail. The project has been pre-certified as a LEED Gold rated building.
“Our objective was to create value differentiation through design and specifications,” said Pushkin Reddy and Rithwik Mali, Managing Partners for One Golden Mile.
“Hyderabad is at the forefront of innovation in the semi-conductor industry and Microchip’s investment into Hyderabad reconfirms the position of the city as the preferred choice for semi-conductor firms,” said Veera Babu, Managing Director for Hyderabad office of Cushman & Wakefield.
The deal signals a positive outlook for the commercial office segment in Hyderabad. Terminus, one of the co-promoters of OGM, had previously leased out about 7,50,000 sft to ADP in their OneWest property in Hyderabad in 2021, a release said.
