by THO
Bank of America, through its non-banking subsidiary, has leased two commercial units in Malad for 10 years at a starting monthly rent of ₹91.5 lakh, documents accessed by FloorTap.com showed
The two office units are located in Prism Tower, Malad.
The first office unit spread across an area of 53,318 sq ft has been leased on the 11th floor by BA Continuum India Pvt Ltd from Hamlet Constructions (India) Pvt Ltd, at a starting monthly rent of ₹59.87 lakh. A security deposit of ₹3.59 crore has been paid for this transaction that was registered on March 19, 2024. It comes with 53 car parking spaces. The per sq ft monthly rent works out to be ₹112.
The second office unit spread across an area of 28,154 sq ft on the same floor has been taken by BA Continuum India Pvt Ltd at a starting monthly rent of ₹31.61 lakh per month for which a security deposit of ₹1.89 crore has been paid. It comes with 28 car parkings, the documents showed.
The lease commencement date is February 1, 2024 and the rent commencement date is August 1, 2024. The rent free period is for six months and the lock-in period is four years. The CAM charges are ₹11 per month per sq ft of chargeable area. It comes with a 15% escalation clause every three years.
Bank of America did not comment.
Other commercial property transactions
In other transactions, Bandhan Bank Ltd had purchased 12 commercial units in INS Tower, Bandra Kurla Complex, in Mumbai for ₹135.64 crore. All units were registered on January 31, 2024.
Axis Bank Ltd had leased 81,000 sq ft of commercial space in the Parle Product Factory Compound, Vile Parle, Mumbai for five years with a starting monthly rent of ₹85.37 lakh. Axis Bank had paid a security deposit of ₹5.12 crore for the deal that was registered on January 31, 2024, the leave and license agreement showed.
Barclays had leased 64,995 sq. ft. in a building known as Altimus in Worli, Mumbai, for five years at a starting monthly rent of ₹2.08 crore, documents accessed by FloorTap.com showed. The lease deeds were registered on January 24, 2024.
According to a recent report by JLL, the tech sector has shown recovery in Q4, while banking, financial services and insurance (BFSI) and manufacturing displayed resilient space take-up trends In Q4, the tech sector saw a resurgence in space take-up, capturing a 23.2% share, followed by significant activity from the BFSI and the manufacturing/industrial segments with their respective shares at 19.8% and 17.6%.
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