BENGALURU: Ride-hailing company Ola is consolidating its multiple offices in Bengaluru in a 425,000-sq ft office space in the city’s Koramangala area, according to people aware of the deal.

The new facility can seat 4,000-5,000 people and will be located in Prestige RMZ’s Startech project, one of the persons cited earlier told ET, requesting not to be named.

The tenure of the deal will be around 15 years, with a rental escalation of 15% every three years, the person said, adding, “Ola currently operates out of 6-7 offices spread around 250,000 sq ft in Bengaluru and will now move into one property, as it looks to save cost.”

The facility will be used for Ola’s existing operations, including financial service, and also to expand its electric mobility business.

A spokesperson for Ola confirmed the deal but did not share any details.

“We are building for a high growth phase ahead and are committed to investing in the right infrastructure as we see tremendous opportunity and growth across our businesses, especially Electric Mobility,” the spokesperson said.

This is one of the largest real estate office deals post the lifting of lockdown.

Ola, India’s largest mobility platform, recently restructured its business and also reduced staff strength.

The company has operations in more than 250 cities across India, Australia, New Zealand, and the UK.

India’s office space has seen large transactions in the last six months, totalling over 11 million sq ft, and there is additional request for proposals for another 8 million sq ft of office space.

Some of the large deals concluded recently were with companies such as Google, Accenture, Microsoft, Morgan Stanley, Standard Chartered Bank and ANSR.

Knight Frank, the manager of the deal, refused to comment on the transaction.