Bank of America inks massive Mumbai office deal

BA Continuum India, the captive services arm of Bank of America, has finalized a substantial office lease in Powai, Mumbai. The agreement covers over 1.11 lakh sq ft of commercial space, committing the company to rental payments exceeding Rs 236 crore over nearly 11 years. This transaction highlights the increasing demand for prime office locations within India's major economic hubs.

The lease agreement, effective from January 1, includes a stepped escalation clause for rent increases, with initial monthly rent at Rs 1.43 crore. The deal also encompasses 112 car parking slots and a three-year lock-in period. This move by Bank of America's subsidiary reflects confidence in the Indian commercial property market's sustained growth.

India's office market has demonstrated remarkable resilience and expansion, with global firms significantly contributing to leasing volumes. Powai, in particular, has emerged as a sought-after business district due to its accessibility, modern office infrastructure, and proximity to residential areas, attracting a diverse range of technology and financial service companies.