Cognizant Technology Solutions, a major player in the tech industry, has announced the sale of its prime property in Chennai, a location that has served as the company’s India headquarters for over two decades. This iconic site, spanning 15 acres with a four lakh square foot office space located on Chennai’s IT Corridor, is expected to fetch a significant sum, estimated to be between Rs. 750 crore and Rs. 800 crore by real estate industry experts.
International property advisory firm JLL has been tasked with handling the sale, and discussions are underway with several potential buyers, including prominent local developers like Baashyaam Group and Casagrand. While no finalized agreements have been reached, Cognizant aims to complete the sale and vacate the campus by December 2024. The company’s new India headquarters will then operate from its MEPZ campus near Tambaram on GST Road.
This strategic move is part of Cognizant’s larger plan to streamline its operations. The company intends to consolidate its presence within three of its own buildings, located in MEPZ, Sholinganallur, and Siruseri. As part of this consolidation effort, Cognizant is also exiting leased spaces across Chennai, including prominent locations like Ramanujan IT Park, DLF, and offices on St. Mary’s Road in R.A. Puram.
The Thoraipakkam office holds a special significance in Cognizant’s history. It served as the company’s Indian headquarters for over 20 years, witnessing the growth and success of prominent figures like Lakshmi Narayanan and Chandrasekaran, the two professional co-founders of Cognizant. The campus also played host to the landmark event where Cognizant remotely rang the Nasdaq opening bell.
This property was Cognizant’s first fully owned campus in Chennai, marking a significant milestone in the company’s journey. Prior to acquiring this site, Cognizant operated on a rental basis from locations like the CSI building near the US Consulate, Elnet, and Tidel Park.
Despite its historical significance and spacious green areas, the Thoraipakkam campus faced challenges related to its proximity to a water body. During monsoon seasons, the campus experienced flooding, leading to disruptions and damage to systems and office properties. These recurring issues prompted Cognizant to make the decision to sell and seek a more resilient location for its future operations.