In a significant move, Bank of America through its non-banking subsidiary has secured a lease for two commercial units in the bustling 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 strategic decision is poised to be pivotal in Bank of America’s operations and presence within the region.
The two offices are located in Prism Tower, Malad. Both these offices, located on the 11th floor have been leased by BA Continuum India Pvt Ltd, a subsidiary of Bank of America. These spaces are acquired from Hamlet Constructions (India) Pvt Ltd for a monthly rent of ₹112 per square foot.
The first office space occupies an astounding 53,318 square feet for an initial monthly rent of ₹59.87 lakh. The agreement also includes the provision of an impressive 53 car parking spaces for employees and visitors. A substantial security deposit of ₹3.59 crore has been paid to secure this transaction. The second office space spans 28,154 square feet and the initial monthly rent for this space amounts to ₹31.61 lakh. A security deposit of ₹1.89 crore has been provided to secure this deal. Additionally, the leased space includes 28 designated parking spots as per the documents accessed. The agreement was officially registered on March 19, 2024.
The lease for both office units commenced on February 1, 2024, and the rent is payable from August 1, 2024. A rent-free period of six months has been granted, allowing BA Continuum India Pvt Ltd to set up and establish operations without immediate rental obligations. Additionally, a four-year lock-in period is set to make sure that the occupancy remains stable for that time. Common Area Maintenance (CAM) charges are set at ₹11 per month per square foot of the chargeable area, covering the upkeep and maintenance of shared spaces within the premises. Furthermore, in alignment with market trends, the lease agreement includes an escalation clause, whereby the rent will increase by 15% every three years.
Recent Transactions
Bandhan Bank Ltd purchased 12 commercial flats in INS Tower, Bandra Kurla Complex, Mumbai for ₹135.64 crore. Each unit was registered on January 31, 2024.
Axis Bank Ltd leased 81,000 sq ft of commercial space in Parle Product Factory Compound, Vile Parle, Mumbai for five years at a beginning monthly fee of ₹85.37 lakh. Axis Bank paid a security deposit of 5.12 crore for the January 31, 2024 deal, according to the leave and licence agreement.
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