The Standard Chartered Bank’s wholly-owned subsidiary Standard Chartered Global Business Services (GBS) has entered into an agreement to pick up over one million sq ft office space on a long-term lease in Chennai, Tamil Nadu.
The company -- erstwhile Scope International -- is leasing the office space in realty developer DLF’s under-construction information technology park Downtown Taramani.
The total tenure of the deal will be 10 years and the company is expected to pay lease rentals of over Rs 80 per sq ft a month taking the annual payout to nearly Rs 100 crore.
The letter of intent (LoI) was signed recently as the terms of this transaction were finalised. While the deal is pre-commitment for an under-construction project, it is unlikely to be a built-to-suit given that it's part of a larger project.
DLF Downtown Taramani, spread over 27 acre, is a joint venture with the Tamil Nadu Industrial Development Corporation (TIDCO).
Of the total nearly seven million sq ft project, DLF has already started construction of 2.5 million sq ft of built-up area in Phase-I and is expected to complete it by mid-2021.
Standard Chartered GBS is leasing space in Phase-I of the project. The entire project development is expected to be completed in six years.