US investment bank Goldman Sachs plans to lease 1.6 million square feet of office space in Bangalore, in the country's biggest commercial property deal by size, the Economic Times reported on Thursday.
US investment bank Goldman Sachs
Local property company, Kalyani Developers, will construct a three-building campus for the bank, which will initially lease one million square feet, the report said, citing people familiar with the transaction.
Goldman will lease the remaining 600,000 square feet in a second phase, it said.
The bank will pay a rent of 49 rupees per square foot a month - about 600 million rupees a year for a million square feet, Economic Times said.
The office, built on a 14-acre site, is expected to be ready by 2017 and will house the majority of Goldman's 4,000 Bangalore employees who currently work from six different locations across the city, the report said, adding property services firm CB Richard Ellis advised the bank.
Goldman Sachs and Kalyani Developers did not immediately respond to Reuters requests for comment. CB Richard Ellis declined to comment to Reuters.
According to the report, a spokesman for Goldman's Asian operations confirmed that the bank had taken a lease for one million square feet to consolidate its presence and accommodate future growth in the country.
A senior executive at Kalyani, asking not to be identified, also confirmed the deal, the newspaper report said.