Honeywell Technology Solutions is a subsidiary of the American consumer products conglomerate Honeywell International and is officially headquartered in Bangalore. Its new offices will be in an area of Bangalore known as RMZ Ecoworld, which is named after the India-based real estate development group RMZ.
According to the Economic Times of India, the leasing of 1 m sq ft in Bangalore represents one the largest office space deals agreed anywhere in India over the past few years, with the banking group Goldman Sachs’ commitment to 1.6m sq ft in Bangalore the only larger deal of late.
Reports suggest that Honeywell is to pay close to 58 crore rupees on an annual basis to rent its new offices within the RMZ Ecoworld complex, which amounts to roughly £5.7 million per annum.
A spokesperson for the company gave a statement saying: “As we continue to be locally invested, we were looking at efficiencies and co-location synergies to enable better optimisation and productivity opportunities. Our plans are in line with long-term direction and strategy and will be taken up in a phased approach.”
RMZ Corp has developed office space and commercial property across India on a huge scale since it began operating in the country in the mid-2000s. Its property portfolio in India is currently valued somewhere around $3 billion and its office space occupants include high-profile brands like BT, Ford, Google, Ernst & Young and Shell.
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Editor’s Notes: In 2023, 10 years after we reported the deal, Honeywell continues to occupy RMZ Ecoworld having moved in on completion of the scheme, in May 2016, and is neighboured by other high-profile office occupiers including Accenture, Intel and Intuit, to name just a few.
Ecoworld’s numbers continue to impress with it delivering a total leasable area of 6,700,000 square feet with office floor plates measuring between 30,000 and 86,000 sqft.
Occupiers at the campus enjoy excellent work-life balance being in close proximity to educational institutes, landscaped public spaces, leisure facilities, restaurants, malls, hospitals, and residential schemes.
The scheme also boasts ESG credentials with LEED Gold certification and WELL Health and Safety accreditation.