IBM India Private Limited has leased 2.3 lakh square feet of office space in Gurugram’s Intellion Park for a total rental outlay of ₹180 crore over a 10-year period, according to documents accessed by Propstack. The technology major has taken space across floors 7 to 12 of Tower 4 at the Tata Realty-owned business park in Sector 59, underscoring continued demand for large, long-term office leases in NCR’s premium commercial corridors.

The chargeable area of 2,30,378 sq ft has been leased at a monthly rent of ₹1.25 crore at ₹54.5 per sq ft per month, and the lease commenced on September 22, 2025, according to a report by The Hindustan Times.

The lease agreement provides for a 15% rent escalation every three years, while IBM has paid a security deposit of ₹18.43 crore, according to the document.

The transaction includes 307 car parking spaces, the document said. It also mentions that IBM will have 150 seats in the food courts of Towers 3 and 4.

A list of questions has been sent to IBM India and Mikado Realtors. The story will be updated if a response is received.

“Intellion continues to attract quality clients with large space requirements at NCR. First Zomato and now IBM, together accounted for about 0.5 million sq ft absorbed by just two tenants. IBM’s 10-year lease with a total outlay of ₹180 crore highlights the continued appetite for large floor plates and long-term consolidation in NCR’s premium office corridors,” Raja Seetharaman, co-founder of Propstack, said.

Earlier this month, Zomato’s parent company, Eternal Ltd, leased seven floors (2.78 lakh sq ft) in the same IT park for a monthly rent of ₹2.33 crore. The leased premises comprise the ground floor and floors four to nine, with a total chargeable area of 2,78,249 sq ft. The lease commenced in October 2025.

Among other transactions, Israel Aerospace India Services Pvt Ltd, a subsidiary of the state-owned aerospace and aviation manufacturer in Israel, leased 45,277 sq ft of office space for a monthly rent of ₹32.14 lakh. The space is located in Tower 1 of the same premises. The company occupied the 12th floor for a five-year lease beginning May 5, 2025.

Last year, Elon Musk’s Tesla leased a 33,000-square-foot area in a commercial building in Gurugram, Haryana, for a starting rent of ₹40 lakh per month. The company has registered a 9-year lease for the unit in Gurugram’s Orchid Business Park. The chargeable area is 33,475 sq ft, while the super-built-up area of the property is 50,914 sq ft, it said, adding that there is a 3-year lock-in.