Brigade Enterprises rose over 6% on Thursday, hitting a day high of Rs 629.45 after signing a major office lease with US firm HealthEdge.

Here’s the story behind the move. Brigade has leased out around 1.62 lakh square feet across 11 floors of its Brigade Square office project in Thiruvananthapuram to HealthEdge, a US-based company backed by Bain Capital that builds software for health insurers.

This single deal takes up roughly 81% of the total space in that building, which happens to be Brigade’s first IT office project in the city.

HealthEdge plans to run several of its teams out of this new campus, covering everything from engineering and product development to operations and corporate functions. Nor is this a one-time action.

Brigade has been steadily building out its presence in Thiruvananthapuram, and has already signed an agreement with the Kerala government to develop a much bigger 2 million square foot World Trade Center in the same tech park.

On the financial side, the company’s June quarter numbers looked healthy too, with net profit rising sharply and operating margins improving compared to last year, even though overall revenue dipped a bit during the quarter.

Management has said it remains on track to hit its pre-sales target for the year, even after some project launches got delayed due to pending approvals.

On Wednesday, 20th August, Brigade Enterprises closed at Rs 625, still holding on to gains of over 6% for the day. That puts Brigade’s total market value at close to Rs 20,400 crore.

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