The deal covers much of the 2 lakh sq ft IT office building, located in Technopark Phase 1. HealthEdge, which is backed by Bain Capital, provides technology and software solutions to health plans, including claims administration, payment accuracy, provider network management and care management.
The new campus will house HealthEdge teams across engineering, product development, technology, operations and corporate functions.
The lease comes as Brigade looks to expand its presence in Thiruvananthapuram, a market where it has larger commercial development plans. The company has signed a memorandum of understanding with the Kerala government to develop a 2 million sq ft World Trade Center at Technopark Phase 1, with Brigade Square forming part of the proposed development.
The project is expected to strengthen the city’s commercial and technology ecosystem and could help attract more multinational and knowledge-driven businesses, although the impact will depend on the pace of future development and occupier demand.
The latest lease also comes as Brigade Enterprises looks to accelerate its FY27 growth plans after a relatively muted start to the year.
Last week, the company said it remained confident of achieving its ₹9,000 crore FY27 pre-sales target, despite delays in project approvals that pushed back some launches.
Brigade expects around 1.5 million sq ft of deferred launches to come through from the July-September quarter onwards. It continues to target 12 million sq ft of launches and a gross development value of around ₹11,900 crore for FY27.
The company reported a 33.7% year-on-year rise in Q1 FY27 net profit to ₹200.4 crore, while revenue declined 12.9% to ₹1,115.6 crore. EBITDA increased 11.7% to ₹361.4 crore, with the EBITDA margin expanding to 32.4% from 25.3% a year earlier.
Pavitra Shankar, Managing Director of Brigade Enterprises, said the company remained confident of meeting its FY27 pre-sales target, with the launch pipeline expected to strengthen as pending approvals are resolved.
Shares of Brigade Enterprises were trading 4.3% higher at ₹611.25 on the NSE on Thursday, after the company’s latest announcement.
