office space

Bank of America picks up 5 lakh sq ft office space in DLF Cyber Park, Gurugram

Gurgaon News

Leading American multinational investment bank and financial services company, Bank of America has entered into the biggest office space transaction of the year so far. The offshore delivery arm of the bank has leased nearly 0.5 million, or 5 lakh sq ft of office space in DLF Cyber Park located in Gurugram.

As per the company sources, the office space was taken up on a long term lease of nearly 9 years. The contract between the two companies also includes a rental agreement escalation clause for every three years of time.

Giving more details on the above, senior management from the company told, “At present, the rentals have been fixed at over Rs 110 per sq ft a month. However, as per the clause, a 15% rental escalation is also added for every three years.”

With over 50 years of its establishment in India, Bank of America is a leading corporate bank that has its branches in Mumbai, New Delhi, Chennai, and Bengaluru. The company works in close corporation with renowned Indian corporations, financial institutions, subsidiaries of large MNCs, multilateral agencies and foreign government entities, as well as US commercial banking clients.

Developed in 2.5 million sq. ft., DLF Cyber Park is known for providing a world-class contemporary structure along with a new age office space. It is also a perfect blend of work and leisure.