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“Wave Rock” Hits Hyderabad At Gachibowli
Posted by Pradeep Sadanapalli | July 13, 2007 | 24,834 views
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TSI Ventures, a Tishman Speyer and ICICI Ventures joint venture, unvield it’s first world class office facility named “Wave Rock” in Hyderabad located at Gachibowli next to the Financial District.
“Wave Rock” is a unique signature building designed by world renowned architect Pei Cobb Freed & Partners known for landmarks like “the Grand Louvre Pyramid, Paris” and “the Bank of China Tower, Hong Kong”. Tishman Speyer is looking at making the “Wave Rock” an iconic landmark in Hyderabad, much like its other commercial properties like Rockefeller Centre and Chrysler Building in New York, Torre Norte in Brazil and the Sony centre in Berlin. The architecture combines the wave-like design and Hyderabad’s rocky landscape.
It will provide 2.2 million sq.ft. of class A office space in a Special Economic Zone being promoted by the APIIC(Andhra Pradesh Industrial Infrastructure Corporation ). With distinctive architecture, environment friendly world class offices and luxury lifestyle amenities, TSI Ventures will establish new standards in commercial real estate with their new Hyderabad facility.
Addressing a press conference, Tishman Speyer president and CEO Jerry I Speyer said: “Every major global company is looking at locating in India. There is a huge demand for high quality commercial and residential space. TSI Ventures will be creating mixed use, residential and integrated townships in major cities.”
ICICI Ventures CEO Renuka Ramnath said: “The real estate practice of ICICI Ventures has assumed significance. There is a huge demand for institutional capital and framework in realty development.” In fact, ICICI Ventures will be looking at raising funds to the tune of $5 billion by 2012 from the overseas markets, she said, on the sidelines. ICICI Ventures is currently investing out of its $500-million real estate fund for realty development projects.
TSI Ventures is working on projects in cities like Mumbai, Delhi, Bangalore, Hyderabad, Pune and Chennai. TSI Ventures is also working on a high-end integrated township project in Tellapur, Hyderabad.
Wave Rock will be able to offer 15,000-20,000 sq feet of contiguous space to large tenants in an SEZ environment in Gachibowli, the emerging financial district of Hyderabad. The first phase of Wave Rock will be completed by the fourth quarter of 2008 and the entire project will be ready by the third quarter of 2009. When completed, it will have the capacity to seat 20,000 people.
SOURCES:
TSI Ventures
Economic Times
Topics: Real Estate |
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