In the most significant office space deal of 2023, Bank of America (BofA) has secured a lease for 1.1 million sq ft of office space in Chennai, establishing one of its largest captive centers outside the US.
The newly leased property at DLF Downtown, Taramani, is being leased for its back office operation in India. “The property is in the fitout phase now and the company is expected to start operation from Q2 2024 for the first phase,” said two people aware of the development.
Initially, the company will utilize approximately 710,000 sq ft, with the remaining 390,000 sq ft designated for potential expansion in the second phase, according to official records. Industry estimates suggest the property can accommodate 7,000-8,000 employees.
“DLF Downtown phase one is fully committed and is under fitout for many clients. The project is commanding a rent of over ₹100 per sqft,” said one of the persons quoted above.
DLF Downtown, Taramani, spanning 27 acres, is a collaborative project between the developer’s rental business arm, DCCDL, and the Tamil Nadu Industrial Development Corporation (TIDCO).
Out of the total project area of almost 7 million sq ft, DLF has initiated the construction of 3.3 million sq ft in the initial phase. Standard Chartered Bank’s wholly owned subsidiary, Standard Chartered Global Business Services (GBS), and Bank of America are among the major corporations securing space in this development. Notable tenants such as KLA-Tencor, Fidelity, JRay, Synechron, and Simpliwork have also committed to leasing office space in this LEED platinum certified building.