Bank of America Secures Major Office Space in Chennai’s DLF Downtown, Taramani

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    In the most significant office space deal of 2023, Bank of America (BofA) has leased 1.1 million square feet of office space in Chennai, marking one of its largest captive centers outside the United States.

    The recently leased property at DLF Downtown, Taramani, is dedicated to BofA’s back-office operations in India. Two informed sources mentioned that the property is currently undergoing fitout phases, with the company anticipated to commence operations from the second quarter of 2024 for the initial phase.

    Initially, the company plans to occupy approximately 710,000 square feet, with an additional 390,000 square feet as part of the second phase expansion option, as detailed in the registered document. The property is estimated to accommodate 7,000-8,000 employees, as per industry approximations.

    DLF Downtown’s phase one is fully committed and is undergoing fitout processes for numerous clients, drawing rent exceeding ₹100 per square foot, according to one of the sources cited.

    Spread across 27 acres, DLF Downtown, Taramani, is a collaboration between the developer’s rental business arm DCCDL and the Tamil Nadu Industrial Development Corporation (TIDCO).

    Of the total 7 million square feet project, DLF has initiated construction of 3.3 million square feet of built-up area in the initial phase. Noteworthy tenants, including Standard Chartered Bank’s wholly owned subsidiary, Standard Chartered Global Business Services (GBS), and Bank of America, are among the major corporations securing space within the LEED platinum certified building.

    Additionally, other prominent tenants such as KLA-Tencor, Fidelity, JRay, Synechron, and Simpliwork have committed to office spaces in this development.

    (Source: ET Realty)

    Also read: Indian Real Estate Sector in 2023

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