Bank of America Secures 160,000 Sq Ft Office in Mumbai's Powai with 12-Year Lease
Bank of America has leased over 160,000 square feet of office space in Mumbai's Powai through a 12-year lease, with an option to expand to 250,000 sq ft. This relocation and expansion will enhance BA Continuum India's operations, handling various global s
Bank Of AmericaOffice SpaceMumbaiPowaiReal EstateReal Estate MumbaiDec 03, 2024
The investment bank will be paying rentals of over Rs 350 crore for this new office, which will span three floors. The agreement also includes an option to pick up an additional 100,000 square feet across two floors, pushing the total rental investment to Rs 600 crore. This new office will be managed by BA Continuum India, the company’s Global Business Services Unit.
BA Continuum India, established in 2004, currently operates from five cities in India Mumbai, Hyderabad, Chennai, Gurgaon, and Gujarat’s Gift City. The unit handles a range of services including technology, application development, legal, compliance, and tax support, catering to the bank's global operations.
This move represents both a relocation and expansion from the company’s existing 15-year-old facility in Mumbai’s Andheri suburb. With this addition, BA Continuum’s total real estate portfolio in Mumbai will exceed 4.25 lakh square feet. “The transaction was concluded and registered recently. The lease term starts immediately, and the fit-out work will begin shortly. Bank of America will begin operations from the new office within the next 6-8 months,” said a source familiar with the development.
The agreement is part of a growing trend of international Banking Global Capability Centers (GCCs) expanding their presence in Mumbai. This trend reflects the region’s appeal as a strategic hub for corporate expansion. The Jogeshwari-Vikhroli Link Road, where the office is located, is becoming a preferred destination for GCCs due to the upcoming metro connectivity, which will enhance talent mobility within the city.
Other key tenants in the commercial tower include Fedbank Financial Services, Tata Projects, and Redbrick Offices. The Banking, Financial Services, and Insurance (BFSI) sector is witnessing a significant increase in demand for office spaces. Leasing activity this year is expected to surpass the record levels set in 2023, driven by technological advancements, digital adoption, a skilled talent pool, and shifting market trends.
Global players have been leading this expansion, accounting for over 65% of the BFSI sector’s leasing activity in India. On average, these international entities have leased two-thirds of all office spaces in the sector over the past six years.
Bank of America's decision to expand in Mumbai underscores its commitment to leveraging the city’s strategic advantages and talented workforce. The new office will play a crucial role in supporting the bank's global operations, ensuring continued growth and innovation in the financial services sector.
Frequently Asked Questions
What is the size of the office space leased by Bank of America in Powai, Mumbai?
Bank of America has leased over 160,000 square feet of office space in Powai, Mumbai.
For how long is the lease agreement signed for?
The lease agreement is for 12 years, with an option to expand to 250,000 square feet.
How much will Bank of America pay in rentals for the new office?
The bank will pay rentals of over Rs 350 crore for the initial 160,000 square feet and up to Rs 600 crore if they expand to 250,000 square feet.
What services will BA Continuum India handle from the new office?
BA Continuum India will handle technology, application development, legal, compliance, and tax support services for Bank of America's global operations.
When is Bank of America expected to start operations from the new office?
Bank of America is expected to start operations from the new office in the next 6-8 months.
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