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Bank of America rents four lakh sq ft office space in GIFT City

Monday, 21 Dec 2020
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The Bank of America has leased around four lakh sq ft office space from the Savvy Group in Gujarat International Finance Tec-City (GIFT City). 
 
It had booked one lakh sqft earlier, but then decided to extend it by an additional 3 lakh sq ft now. The space is spread over 14 floors of a 24-storey building that counts International Financial Services Centres Authority and Sequel Logistics as other tenants. 
 
BA Continuum India, the India subsidiary of the Bank of America, has leased the area for a period of 15 years, with the agreement involving rental reset clause after every three years. 
 
The transaction has been inked and it has approved by the SEZ authority. The bank had earlier finalised around one lakh sq ft space in this building and has now concluded with a total around four 4 lakh sq ft. 
 
The multinational investment bank and financial services’ Global Business Services Center had leased space in the building prior to the outbreak of the pandemic. 
 
The total office space is expected to accommodate over 3,000 employees serving its global subsidiaries. Most of these employees will be hired afresh. 
 
Around 1,200 of BA Continuum India’s employees were earlier expected to be operating from this building. 
 
BA Continuum India currently operates out of four cities, namely Mumbai, Hyderabad, Chennai and Gurugram, with over 20,000 employees.
 
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