HDFC Bank picks up 1 lakh sq ft in Blackstone's Mumbai Towers on a five-year lease. The deal is the first real estate transaction by the bank following after its merger with the group's non-banking finance company Housing Development Finance Corporation (HDF indicating the need for additional space for expanded operations.
In one of the largest front- office transactions so far this year, HDFC Bank picked up about 1 lakj sq ft office space spread across two towers of Blackstone Group backed Nucleus Office Parks’ commercial complex One International Center in Mumbai’s business district Lower Parel through a long-term lease of five years, said persons with direct knowledge of the development.
The deal is the first real estate transaction by the bank following after its merger with the group’s non-banking finance company Housing Development Finance Corporation (HDFC), indicating the need for additional space for expanded operations.
The office space was leased by HDFC bank on the seventh floor of tower 2 and 3 and 8th floor of tower 2 that was earlier occupied by Yes Bank.
The bank will be paying rentals of Rs 165 sq ft a month for the leased space and the agreement includes a clause to escalate rentals by 4.5 % every 12 months for the next fiver years. Several large office deals have been concluded in Lower Parel micro- market over the last few quarters as it has emerged as a value proposition despite being a prime business district.
