The US-based semiconductor Microchip Technology has obtained 168,000 sq ft of office space in One Golden Mile, which is a grade-A commercial tower in the business district of Kokapet
It was estimated to be Rs. 175 crores in one of the biggest buyout deals in the real estate market.
Capital values in the Kokapet market ranged between Rs. 9,000 - Rs. 10,500 for a grade-A commercial space.
Microchip and the promoters of One Golden Mile declined to comment on this given value.
Microchip reckoned that the newly-acquired space would sustain its growth plans for the next decade.
They continued to hire and expand when other major tech companies announced layoffs and hiring freezes.
Microchip Technology's headquarters are located in Chandler, Arizona, with their development centres in Bengaluru, Hyderabad and Chennai, with 2,000 employees.
This transaction is one of the multiple investments by Microchip to expand its research and development footprint in India.