Standard Chartered Bank’s arm inks pact for 7.7 lakh sq ft lease in DLF Chennai project

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Standard Chartered Bank’s wholly-owned subsidiary Standard Chartered Global Business Services (GBS) has entered into an agreement to pick up over 7.7 lakh sq ft on a long-term lease in DLF’s Chennai project for 15 years.

This will be Standard Chartered GBS’ largest campus globally. The deal assumes significance not only due to the size but also because of the pre-commitment to under-construction office space, especially during the pandemic, as against the usual practice of leasing ready properties.

“This is our first leasing transaction for the upcoming Chennai commercial project. In the current scenario, the deal speaks volumes given that it is a pre-commitment from one of the largest banking corporations,” Sriram Khattar, Managing Director, DLF Rental Business, told ET. “We are also in talks with 2-3 large multinationals for further leasing here for their India operations.”

DLF Downtown Taramani, spread over 27 acres, is a joint venture between the developer’s rental business arm DCCDL and the Tamil Nadu Industrial Development Corporation (TIDCO). DCCDL counts Singapore’s sovereign wealth fund GIC as a key shareholder.

Of the nearly 7 million sq ft project, DLF has already started construction of 2.5 million sq ft of built-up area in the first phase and expects to complete it in 2023. while Scope International delivers transaction processing and value-added services for leading corporate and institutional clients of the group, supporting multiple banking operation functions.

Started in 2001 in Chennai, Standard Chartered GBS is a wholly-owned subsidiary of Standard Chartered Bank UK Plc. It operates in seven locations in Chennai and three in Bengaluru. These centers are part of information technology and operations networks with sites in China and Malaysia.

The bank’s arm will also hold an option to increase the size of this deal by additional 2.5 lakh sq ft taking total space to around 1 million sq ft and thereby leasing the entire tower. The company will be paying rental of over Rs 85 per sq ft month, said persons familiar with the development.

Both Khattar and Grover, however, declined to comment on the specifications of the transaction. As a subsidiary of Standard Chartered Bank, Standard Chartered GBS, or the erstw Scope International, delivers transaction processing and value-added services for leading corporate and institutional clients of the group, supporting multiple banking operation functions.

Started in 2001 in Chennai, Standard Chartered GBS is a wholly owned subsidiary of Standard Chartered Bank UK Plc. It operates in seven locations in Chennai and three in Bengaluru. These centers are part of information technology and operations networks with sites in China and Malaysia.

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