Semiconductor major Microchip Technology has acquired 168,000 square feet of office space in One Golden Mile (OGM), a Grade-A commercial tower located in the business district of Kokapet on the outskirts of the city, a sought-after location for International IT companies.
Cushman & Wakefield are the advisors for the transaction. This 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 its growth plans for the next 10 years as they continue to hire and expand at a time when other major tech companies have announced layoffs and hiring freezes, the company said in a release here on Thursday.
The project has been pre-certified as a LEED Gold-rated building with USGBC to promote sustainability.
“Our objective for this project was to create true value differentiation through design and superior specifications to enable businesses to reach their maximum potential and gain a competitive advantage,” said Pushkin Reddy and Rithwik Mali, Managing Partners for One Golden Mile.
“Hyderabad is at the forefront of innovation in the semiconductor 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 the Hyderabad office of Cushman & Wakefield.