The Goldman Sachs Group has inked a long-term lease transaction for 1.5 lakh sq ft office space in realty developer Salarpuria Sattva Group and private equity major Blackstone Group’s joint project Knowledge City in Hyderabad, Telangana.

While initially the deal size is pegged at around 1.5 lakh sq ft, the lease agreement allows American multinational investment bank and financial services major to extend the space to around 0.5 million sq ft later, depending on growth requirement.

The property is ready and fully furnished. Goldman Sachs can start operations from this new office by the end of Q1/2021. It will be paying lease rentals of Rs 125 per sq ft a month for this office space.

Total tenure of the lease agreement will be five years, including a lock-in period of three years. This will be the New York-headquartered company’s first office in Hyderabad and complement its Bengaluru office that helps its global businesses in execution and support.

Salarpuria Sattva Knowledge City is in Hyderabad's dedicated information technology (IT) zone -- HITEC City -- and is one of the biggest IGBC certified platinum-rated green buildings, a key parameter for global occupiers.

The IT park is set up on 172 acre along the IT corridor of Hyderabad and the last phase of the project is nearing completion.

The project already counts multinational companies including JP Morgan, State Street, Novartis, Microsoft, ServiceNow and EPAM Systems as key tenants.