Financial services firm Wells Fargo & Company has leased an entire office building with over 1.3 million sq ft space at developer DivyaSree’s project Orion in Hyderabad, Telangana.
This is also the biggest office space deal in Hyderabad so far, with the US-based financial services firm paying over Rs 110 crore in annual rental for the built-to-suit property.
The deal also assumes significance given the long-term commitment and ongoing discussions around emergence of the work-from-home model for businesses.
Currently, the 22-storey building is under construction and expected to be ready for fit outs in the next eight-nine months. The space will be used for the company’s expansion and is estimated to accommodate around 12,000 employees.
Wells Fargo has been operating out of Hyderabad for more than a decade. It operates with over one million sq ft office space spread over two towers that accommodate 10,000 employees.
The total lease tenure is nine years and the agreement includes a rental reset clause at the end of every three years with 15 percent escalation.