Asset manager Blackrock Inc. is in talks with two real estate developers in the National Capital Region (NCR) to lease 1 million sq ft of office space, three people aware of the development told ET.
The company, which is looking to consolidate its presence and expand as well, is in talks with Bharti Real Estate and DLF for their upcoming projects ‘Worldmark’ and ‘Downtown’, respectively, the people cited earlier said.
Blackrock is looking to take an entire building either in the ‘Worldmark’ complex in Delhi’s Aerocity or ‘Downtown’ in Gurgaon, and is expected to finalise the deal soon, they said.
“It will not be a built-to-suit property, but both developers are ready to dedicate the entire tower as per the requirement. Both the upcoming developments are in demand from global clients,” said a person familiar with the talks.
Blackrock did not respond to ET’s email query.
DLF, which has more than 11 million sq ft area in the upcoming ‘Downtown’ complex, has pre-leased majority of the area.
For FY25, the consolidated revenue of DLF Cyber City Developers Limited, DLF’s rental arm, stood at Rs 6,448 crore while EBITDA stood at Rs 4,949 crore, reflecting a y-o-y growth of 11%. Consolidated profit for the year stood at Rs 2,461 crore, a y-o-y growth of 46%.
Bharti’s upcoming development at Delhi Aerocity has a total development potential of 17 million sq ft. About 5 million sq ft of the total portfolio will be retail, and once completed, the project is expected to generate annual rental income of more than Rs 5,000 crore.
Bharti has already started the development of about 6.5 million sq ft with an investment of more than Rs 6,595 crore.
In subsequent phases, the balance 10 million sq ft will be developed, of which about 2 million sq ft will be retail.
In the initial phase, Bharti built ‘Worldmark’ 1, 2 and 3, covering around 1.5 million sq ft. The new ‘Worldmark’ assets are a part of about 60 acres of integrated development.
In Q2 of 2025, NCR saw gross leasing volume (GLV) of 4.6 million sq ft, rising by 68% q-o-q and 31% y-o-y, according to Cushman & Wakefield.
Gurgaon saw 70% of the leasing during the quarter, followed by Noida and Delhi with 25% and 5% share, respectively.
About 65% of the deals recorded in Q2 comprised fresh space take-up, while term renewals had a 19% share.
Precommitments, with a 16% share in Q2 GLV, continued to remain at levels seen in the previous year.
The company, which is looking to consolidate its presence and expand as well, is in talks with Bharti Real Estate and DLF for their upcoming projects ‘Worldmark’ and ‘Downtown’, respectively, the people cited earlier said.
Blackrock is looking to take an entire building either in the ‘Worldmark’ complex in Delhi’s Aerocity or ‘Downtown’ in Gurgaon, and is expected to finalise the deal soon, they said.
“It will not be a built-to-suit property, but both developers are ready to dedicate the entire tower as per the requirement. Both the upcoming developments are in demand from global clients,” said a person familiar with the talks.
Blackrock did not respond to ET’s email query.
DLF, which has more than 11 million sq ft area in the upcoming ‘Downtown’ complex, has pre-leased majority of the area.
For FY25, the consolidated revenue of DLF Cyber City Developers Limited, DLF’s rental arm, stood at Rs 6,448 crore while EBITDA stood at Rs 4,949 crore, reflecting a y-o-y growth of 11%. Consolidated profit for the year stood at Rs 2,461 crore, a y-o-y growth of 46%.
Bharti’s upcoming development at Delhi Aerocity has a total development potential of 17 million sq ft. About 5 million sq ft of the total portfolio will be retail, and once completed, the project is expected to generate annual rental income of more than Rs 5,000 crore.
Bharti has already started the development of about 6.5 million sq ft with an investment of more than Rs 6,595 crore.
In subsequent phases, the balance 10 million sq ft will be developed, of which about 2 million sq ft will be retail.
In the initial phase, Bharti built ‘Worldmark’ 1, 2 and 3, covering around 1.5 million sq ft. The new ‘Worldmark’ assets are a part of about 60 acres of integrated development.
In Q2 of 2025, NCR saw gross leasing volume (GLV) of 4.6 million sq ft, rising by 68% q-o-q and 31% y-o-y, according to Cushman & Wakefield.
Gurgaon saw 70% of the leasing during the quarter, followed by Noida and Delhi with 25% and 5% share, respectively.
About 65% of the deals recorded in Q2 comprised fresh space take-up, while term renewals had a 19% share.
Precommitments, with a 16% share in Q2 GLV, continued to remain at levels seen in the previous year.
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