Chennai: In a significant shift, Cognizant Technology Solutions is set to sell its iconic Chennai headquarters, which has served as the company’s India base for over 20 years. The property, spanning 15 acres with 400,000 square feet of office space, is located in Okkiyam Thoraipakkam on Chennai’s IT Corridor and is expected to fetch between ₹750 crore and ₹800 crore according to industry estimates.
International property advisory JLL has been appointed to manage the sale of the asset. Discussions with potential buyers, including prominent local developers like Baashyaam Group and Casagrand, are underway, though no deals have been finalised as of yet. Sources suggest that Cognizant aims to complete the sale and vacate the premises by December 2024. Post-sale, the company’s new Indian headquarters is likely to operate from the MEPZ campus near Tambaram on GST Road. This move aligns with Cognizant’s strategy to consolidate its operations into fewer owned properties. The company has already begun relinquishing leased spaces across Chennai, including notable locations such as Ramanujan IT Park and DLF, as part of its broader real estate strategy.
The Thoraipakkam campus, which was Cognizant’s first fully owned site in Chennai, has been a significant part of the company’s history. It was here that key events, including the remote ringing of the Nasdaq opening bell, took place. However, the site has faced challenges over the years, including recurrent flooding issues due to its proximity to a water body. These issues have necessitated substantial expenditures on repairs and refurbishment. The decision to divest this property underscores Cognizant’s ongoing efforts to streamline its real estate portfolio and enhance operational efficiency. As the company transitions to new headquarters, it will likely focus on leveraging its consolidated spaces to optimise its operational footprint in India.
