US retailer Target's India arm, Target Corporation India Private Limited, has expanded its footprint in Bengaluru by leasing 8.31 lakh sq ft of office space at Embassy Manyata Business Park, owned by Embassy REIT, under a 10-year agreement, according to documents accessed by Propstack. With a total rental commitment of nearly ₹1,250 crore over the lease term, the transaction ranks among the largest office leasing deals signed by a global capability centre (GCC) in the city.US retailer Target's India arm, Target Corporation India Private Limited, has expanded its footprint in Bengaluru by leasing 8.31 lakh sq ft of office space at Embassy Manyata Business Park (Photo for representational purposes only) (Unsplash)The company took the space at a monthly rental of ₹105 per sq ft, translating into a rent outgo of approximately ₹8.7 crore per month. It also paid a security deposit of ₹52.36 crore. The lease agreement includes a 15% rent escalation every three years, the lease deed documents showed.Target leased the ground floor and 10 upper floors of the building, with the lease commencing on September 1, 2025, the documents showed."Target’s massive 8.3 lakh sq ft lease at Embassy Manyata Business Park underscores a growing trend among top-tier Global Capability Centers (GCCs) to scale up operations within familiar tech ecosystems. By securing an entire newly completed 11-floor block (G to 10), the retail giant is effectively consolidating and expanding its footprint inside the campus. This multi-year commitment, valued at an estimated ₹1,250 crore over its tenure, highlights the enduring premium that dominant tech hubs like Bengaluru command for quality institutional real estate," said Raja Seetharaman, co-founder, Propstack.Spread across 121 acres along Bengaluru's Hebbal-Airport corridor, Embassy Manyata Business Park is one of Asia's largest integrated office ecosystems. With a leasable area of approximately 17.2 million sq ft, the business park comprises over 25 operational buildings, houses more than 60 multinational companies and serves as a thriving workplace for over 100,000 professionals.Also Read: Manipal Health Enterprises Pvt Ltd leases 2.4 lakh sq ft space in Bengaluru at a total rent of over ₹837 croreEmails have been sent to Embassy REIT and Target. The story will be updated if a response is received.What are REITS?REITs are investment vehicles that own or operate income-generating real estate, enabling investors to earn a share of the income produced without directly purchasing the properties. As per the rules, REITs distribute income to unitholders in various forms, including dividends.Also Read: Disney leases 1.75 lakh sq ft office space in Bengaluru for ₹2.01 crore monthly rent under 5-year dealThe six listed REITs in India are Brookfield India Real Estate Trust, Embassy Office Parks REIT, Knowledge Realty Trust, Mindspace Business Parks REIT, Nexus Select Trust and Bagmane Prime Office REIT.India's Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) market could attract an additional investment pool of about ₹11.6 trillion by 2030, while assets under management (AUM) are expected to more than double to over ₹20 trillion, according to a report by Avendus Capital.The report, titled Trust the Structure: REITs, InvITs and the Real Return Imperative, said India's listed real assets ecosystem remains at an early stage despite rapid growth over the past decade."In just 9 years, India's REIT and InvIT market has scaled to nearly ₹10 Tn of assets under management and approximately ₹5 Tn of market capitalisation. Yet, based on our estimates, the next phase of growth could be substantially larger," the report stated.Bengaluru has emerged as India’s top office market in the January-March quarter of 2026 with capturing 24.8% of national leasing volumes with exceptional 70% GCC share, the highest concentration in two years office space leasing share of 24.8%, followed by Mumbai with 19.5% share, Hyderabad with 16.8% share, Pune with 14.5% share and Delhi NCR with 14.2% share, according to a report by JLL.