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

By Bricksnwall | 2024-03-23

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

Bank of America's non-banking business has leased two commercial units in Malad for 10 years, with a starting monthly fee of ₹91.5 lakh.


Bank of America's non-banking business leased two commercial units in Malad for 10 years at a monthly rent of ₹91.5 lakh, according to papers seen by FloorTap.com.


The two office suites are situated at Prism Tower, Malad.


BA Continuum India Pvt Ltd has leased the first office space on the 11th floor, measuring 53,318 sq ft, from Hamlet Constructions (India) Pvt Ltd for a monthly fee of ₹59.87 lakh. A security deposit of ₹3.59 crore was paid for the transaction recorded on March 19, 2024. It comes with 53 parking spaces. The monthly rent is ₹112 per square foot.


BA Continuum India Pvt Ltd has taken up the second office unit on the same floor, measuring 28,154 sq ft. The starting monthly rent is ₹31.61 lakh, with a security deposit of ₹1.89 crore. According to the records, it includes 28 parking spaces.


The lease and rent begin on February 1, 2024, and August 1, 2024, respectively. The rent-free term lasts six months, while the lock-in duration is four years. CAM rates are ₹11 per month per square foot of chargeable area. It includes a 15% escalation clause every three years.

 

Bank of America did not comment.

 

Other Commercial Property 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 license agreement.


Barclays rented 64,995 sq. ft. in the Altimus building in Worli, Mumbai, for five years at a monthly rent of 2.08 crore, according to papers seen by FloorTap. The lease deeds were registered on January 24, 2024.

According to recent research by JLL, the tech industry has shown recovery in Q4, while banking, financial services, and insurance (BFSI) and manufacturing demonstrated resilient space take-up patterns. In Q4, the IT sector saw a recovery in space take-up, accounting for 23.2%, followed by considerable activity in the BFSI and manufacturing/industrial industries, which accounted for 19.8% and 17.6%, respectively.