IDFC FIRST Bank Expands with 1.4 Lakh sq ft Lease in Bengaluru’s Koramangala
IDFC FIRST Bank has secured a lease for over 1.4 lakh sqft of office space in Koramangala, Bangalore, as part of its expansion strategy in the city. The newly leased property has a tenure of 9 years, with a rental rate of Rs 135 per sqft, according to a registered lease document.
The entire building, Fortius Origin in Koramangala, has been leased by the bank. The property is currently under fit-out and is expected to be operational later this year, according to sources familiar with the deal.
Last year, IDFC FIRST Bank had sold approximately 68,000 sqft of office space in Mumbai’s Bandra-Kurla Complex (BKC) for around Rs 198 crore, as part of its efforts to consolidate operations near its corporate office at IDFC FIRST Bank Tower (The Square), C-61, G Block, BKC, Mumbai.
The move aligns with the broader trend of significant office space leases by both domestic and international companies, indicating a robust resurgence in the BFSI sector. Bengaluru, in particular, has witnessed a notable increase in BFSI occupancy over the past 4-5 years.
This upswing in demand for office space is driven by the expansion initiatives of domestic and select global banks and financial institutions, including JP Morgan, HDFC, Axis, and Morgan Stanley, reinforcing their presence in the country as more employees return to office environments.
(Source: ET Realty)