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Bank of America (BofA) has clinched the most significant office space deal of 2023, securing a lease for 1.1 million sq ft in Chennai, marking it as one of the bank's largest offshore centres beyond the US. The leased property, located at DLF Downtown in Taramani, is designated for the bank's back office operations in India. The first phase, encompassing 710,000 sq ft, is in the fitout phase, with operations slated to commence in Q2 2024. The second phase expansion option covers the remaining 390,000 sq ft, with industry estimates suggesting capacity for 7,000-8,000 employees.
DLF Downtown, Taramani, spanning 27 acres, is a joint venture between DLF's rental business arm DCCDL and the Tamil Nadu Industrial Development Corporation (TIDCO). In the first phase, DLF has commenced construction of 3.3 million sq ft of built-up area within the nearly 7 million sq ft project. The development boasts tenants like Standard Chartered Bank's wholly owned subsidiary, Standard Chartered Global Business Services (GBS), and Bank of America. Noteworthy tenants also include KLA-Tencor, Fidelity, JRay, Synechron, and Simpliwork, all committed to office space in this LEED platinum certified building.
The leasing decision by Bank of America aligns with the current industry trend of securing substantial office spaces, underscoring Chennai's growing importance in the corporate real estate landscape. The rental rate for DLF Downtown phase one has surpassed ?100 per sq ft, reflecting high demand and commitment from various clients undergoing fitout processes.
The strategic move signals the bank's commitment to expanding its operations in India, utilizing the substantial office space to accommodate a significant workforce. Despite the scale of the project, DLF Downtown phase one is already fully committed, reflecting the robust demand for premium office spaces in Chennai.
However, a detailed email sent to Bank of America has yet to receive a response. As construction progresses on the nearly 7 million sq ft project, the collaboration between DLF, TIDCO, and various prominent tenants positions DLF Downtown as a key player in Chennai's evolving commercial real estate landscape.
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