Bank of America leases two commercial units in Malad for 10 years for ₹91.5 lakh per month

Bank of America, through its non-banking subsidiary, has leased two commercial units in Malad for 10 years at a starting monthly rent of ₹91.5 lakh

Published on: Mar 22, 2024, 17:32:48 IST

By Vandana Ramnani

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Bank of America, through its non-banking subsidiary, has leased two commercial units in Malad for 10 years at a starting monthly rent of ₹91.5 lakh, documents accessed by FloorTap.com showed

The two office units are located in Prism Tower, Malad.

Bank of America through its non-banking subsidiary has leased two commercial units in Malad for 10 years at a starting monthly rent of ₹91.5 lakh. (Picture for representational purposes only) (Reuters)

The first office unit spread across an area of 53,318 sq ft has been leased on the 11th floor by BA Continuum India Pvt Ltd from Hamlet Constructions (India) Pvt Ltd, at a starting monthly rent of ₹59.87 lakh. A security deposit of ₹3.59 crore has been paid for this transaction that was registered on March 19, 2024. It comes with 53 car parking spaces. The per sq ft monthly rent works out to be ₹112.

The second office unit spread across an area of 28,154 sq ft on the same floor has been taken by BA Continuum India Pvt Ltd at a starting monthly rent of ₹31.61 lakh per month for which a security deposit of ₹1.89 crore has been paid. It comes with 28 car parkings, the documents showed.

The lease commencement date is February 1, 2024 and the rent commencement date is August 1, 2024. The rent free period is for six months and the lock-in period is four years. The CAM charges are ₹11 per month per sq ft of chargeable area. It comes with a 15% escalation clause every three years.

Bank of America did not comment.

Other commercial property transactions

In other transactions, Bandhan Bank Ltd had purchased 12 commercial units in INS Tower, Bandra Kurla Complex, in Mumbai for ₹135.64 crore. All units were registered on January 31, 2024.

Axis Bank Ltd had leased 81,000 sq ft of commercial space in the Parle Product Factory Compound, Vile Parle, Mumbai for five years with a starting monthly rent of ₹85.37 lakh. Axis Bank had paid a security deposit of ₹5.12 crore for the deal that was registered on January 31, 2024, the leave and license agreement showed.

Barclays had leased 64,995 sq. ft. in a building known as Altimus in Worli, Mumbai, for five years at a starting monthly rent of ₹2.08 crore, documents accessed by FloorTap.com showed. The lease deeds were registered on January 24, 2024.

According to a recent report by JLL, the tech sector has shown recovery in Q4, while banking, financial services and insurance (BFSI) and manufacturing displayed resilient space take-up trends In Q4, the tech sector saw a resurgence in space take-up, capturing a 23.2% share, followed by significant activity from the BFSI and the manufacturing/industrial segments with their respective shares at 19.8% and 17.6%.

Also Read: Office buildings in Mumbai’s Bandra Kurla Complex command higher prices than Manhattan

ABOUT THE AUTHOR
Vandana Ramnani
Vandana Ramnani leads the real estate vertical at Hindustan Times Digital, bringing over two decades of journalism experience across real estate, education, human resources, and foreign affairs. She specialises in India’s real estate sector, covering residential and commercial markets in Delhi-NCR, Mumbai, and Bengaluru, with in-depth reporting on regulatory developments, urban policy, housing trends, and interviews with industry leaders. Her work has also appeared in the Hindustan Times newspaper and HT Estates. Earlier, Vandana played a key role in establishing the real estate vertical at Moneycontrol (NW18 Group), shaping its editorial direction and market coverage. She has also written extensively on international education for HT Education, tracking global study destinations, policy changes, and student mobility trends, earning the Singapore Education Award 2009 for Best Media Coverage (Print). Her reporting portfolio includes human resources and employment trends for HT ShineJobs and PowerJobs, as well as lifestyle and interior design features for HT Premium Homes. Vandana began her career with the Press Trust of India, gaining strong editorial and reporting expertise. She was also selected for a prestigious fellowship at Fondation Journalistes en Europe in Paris, where she wrote for EuroMag. One of her notable reporting assignments included covering Germany’s capital relocation from Bonn to Berlin. Outside of journalism, Vandana is a passionate traveller, constantly seeking out charming hideaways across India and the lesser-known, offbeat corners of Southeast Asia.Read More

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