Bank of America, through its subsidiary, has finalized the lease agreements for two commercial units located in the vibrant area of Malad. The lease spans a substantial duration of 10 years, with a monthly rental of ₹91.5 lakh according to documents accessed by FloorTap.com. This signifies Bank of America’s strategic move to strengthen its operations and presence in the region.
Leased Units and Details
The leased units are located in the prestigious Prism Tower in Malad and mark a significant step for BA Continuum India Pvt Ltd, a subsidiary of Bank of America. The agreements have been finalized with Hamlet Constructions (India) Pvt Ltd, serving as the lessors. Under the terms, the monthly rent stands at ₹91.5 lakh equivalent to ₹112 per square foot. This strategic move not only reflects Bank of America’s commitment to expanding its operational presence but also underscores its confidence in the bustling commercial landscape of Malad. The agreement was officially registered on March 19, 2024.
The first office space, encompassing an expansive area of 53,318 square feet on the 11th floor of the Prism Tower in Malad, comes with a monthly rent of ₹59.87 lakh. Alongside the substantial floor area, the lease agreement also includes 53 designated parking spaces for employees and visitors. A significant security deposit of ₹3.59 crore has been paid to finalize the deal.
The second office space, spanning 28,154 square feet, comes with a monthly rental fee of ₹31.61 lakh and a security deposit of ₹1.89 crore. Additionally, the lease agreement includes the allocation of 28 designated parking spaces, ensuring convenience for employees and visitors.
» Check out these office spaces for rent/sale in Malad
Lease Terms
The lease agreements for the newly purchased office spaces include extra clauses and a planned schedule. The lease for both office units commenced on February 1, 2024. However, the rent obligation will formally commence on August 1, 2024. Notably, a six-month rent-free period has been granted to facilitate the early-set up costs. A four-year lock-in period is set to make sure that the occupancy remains stable for that time. Additionally, the monthly CAM fees are ₹11 for each square foot of chargeable area. In alignment with market trends, the lease agreement includes an escalation clause, whereby the rent will increase by 15% every three years.
Bank of America’s leasing of two commercial units in Malad marks a significant step in its expansion efforts. With favorable lease terms, strategic locations, and ample amenities, these units provide an ideal platform for the company to further establish its presence in the region.
Recent Transactions
Bandhan Bank Ltd has made a significant investment in Mumbai’s Bandra Kurla Complex (BKC) by acquiring 12 commercial units for a total of ₹135.64 crore from four different sellers.
