Monday, July 22, 2024

Bank of America Secures 1.1 Million Sq Ft Office Space in Chennai’s DLF Downtown

In a significant move, Bank of America (BofA) has finalized the lease of 1.1 million sq ft of office space at DLF Downtown in Taramani, Chennai. This marks the largest office space transaction of 2023 and establishes one of BofA’s largest captive centers outside the United States.

The newly leased property, currently in the fit-out phase, will serve as BofA’s back office operation hub in India. Operations are expected to commence in the second quarter of 2024 for the initial phase. In this phase, the company will occupy approximately 710,000 sq ft, with an additional 390,000 sq ft earmarked for potential expansion in the second phase, according to registered documents. Industry estimates suggest the property has the capacity to accommodate 7,000-8,000 employees.

“DLF Downtown phase one is fully committed and is under fit-out for many clients. The project is commanding a rent of over ₹100 per sq ft,” revealed a source familiar with the matter.

DLF Downtown in Taramani, spanning 27 acres, is a joint venture between DLF’s rental business arm DCCDL and the Tamil Nadu Industrial Development Corporation (TIDCO). Of the overall 7 million sq ft project, DLF has already initiated construction of 3.3 million sq ft of built-up area in the first phase. Notable occupants include Standard Chartered Bank’s wholly-owned subsidiary, Standard Chartered Global Business Services (GBS), and now Bank of America. Other major tenants such as KLA-Tencor, Fidelity, JRay, Synechron, and Simpliwork have committed to office space in this LEED platinum-certified building. Despite attempts, there has been no response from BofA to inquiries made as of the time of press.

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