Bank of America picks up 1.60 lakh sq ft office in Mumbai’s Powai through 12-year lease
Bank of America has picked up more than 160,000 sq ft office space in a commercial complex in Mumbai’s Powai locality through a long-term lease of 12 years, with provisions for future scalability to accommodate growth, said people with direct knowledge of the development.
Bank of America will be paying rentals of over Rs 350 crore for this new office spread across three floors. As per the agreement, it holds an option to pick up additional 1 lakh sq ft spanning two floors taking the total size of the deal to 250,000 sq ft and rental payout to Rs 600 crore.
The investment bank has entered into the lease agreement with K Raheja Corp’s Chalet Hotels for this office space at Cignus Powai through its subsidiary BA Continuum India.
This move represents both a relocation and expansion of the company’s existing 15-year-old facility in Mumbai’s Andheri suburb. With this addition, BA Continuum's total real estate portfolio in Mumbai will exceed 4.25 lakh sq ft.
“The transaction was concluded and registered on Friday. The lease term starts immediately and the fit out work will start soon. Bank of America will start operating from the new office in the next 6-8 months,” said one of the persons mentioned above.
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