IDFC FIRST Bank leases 1.4 lakh sq ft in Bengaluru

16 Jan 2024 CW Team

IDFC FIRST Bank has recently expanded and consolidated its operations in Bangalore by leasing more than 1.4 lakh sqft of office space in Koramangala. According to a registered lease document, the newly leased property has a total tenure of 9 years, with a rental rate of Rs 135 per sqft.

As per the information provided in the registered lease document, the entire building Fortius Origin in Koramangala has been leased by the bank. Townspeople who are aware of the deal mentioned that the property is currently undergoing fit-out and is expected to be operational later this year.

The Colliers transaction advisor involved in the deal declined to provide any comments on the matter.

Last year, IDFC FIRST Bank had sold approximately 68,000 sqft of office space in Mumbai's Bandra-Kurla Complex (BKC) for around Rs 1.98 crore. This strategic decision was made as part of the bank's effort to consolidate its operations near its corporate office located at IDFC FIRST Bank Tower (The Square), C-61, G Block, BKC, Mumbai.

The bank officially stated in its regulatory filing in November last year, "The decision was part of the consolidation of the bank?s operations near its corporate office at IDFC FIRST Bank Tower (The Square), C-61, G Block, BKC, Mumbai."

The BFSI sector has shown a strong resurgence in the past six months, with major international and domestic companies securing substantial office space leases. Bengaluru has witnessed a significant increase in BFSI occupancy over the past 4-5 years.

This growing demand for office space is attributed to the expansion efforts of domestic and select global banks and financial institutions such as JP Morgan, HDFC, Axis, and Morgan Stanley. These institutions have strengthened their presence in the country, particularly as more employees have returned to office environments.

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