Bank of America leases 4 lakh sq ft office space in GIFT City: Report

GIFT City, situated between Ahmedabad and Gandhinagar, is an emerging global financial and IT services hub.

Bank of America (BofA) has leased nearly 4 lakh sq ft of office space from the Savvy Group in Gujarat International Finance Tec-City (GIFT City) for 15 years.

The rental agreement was executed through BA Continuum India, Bank of America's India subsidiary, and includes a reset clause after every three years, The Economic Times reported.

The office space includes 14 floors of a 24-storey building, and will host more than 3,000 staff working for the investment bank's subsidiaries, the report said. BofA has initially blocked 1 lakh sq ft, but later chose to extend it.

GIFT City, situated between Ahmedabad and Gandhinagar, is an emerging global financial and IT services hub.

Bank of America had not yet responded when contacted by The Economic Times. Savvy Group chairman Jaxay Shah declined to comment

"The transaction has been approved by the SEZ authority and was inked last week. The bank had earlier finalised around one lakh sq ft space in this building and has now concluded with a total of nearly four lakh sq ft. This is the fastest and biggest expansion decision by the bank during the pandemic," a source told the paper.

Source: https://www.moneycontrol.com/news/india/bofa-leases-4-lakh-sq-ft-office-space-in-gift-city-report-6253231.html