In one of the largest commercial office space deals in India during recent times, real estate major DLF’s rental arm has pre-leased 7.7 lakh sq ft of office space to Standard Chartered GBS to set-up its largest office establishment at DLF Downtown located in Taramani, Chennai.
DLF Cyber City Developers Ltd (DCCDL), which is a joint venture between DLF and Singapore sovereign wealth fund GIC, has pre-leased the space in its commercial project DLF Downtown in Chennai. The realtor is developing the Taramani project with a total investment of Rs 5,000 crore.
DLF and GIC, Singapore’s sovereign wealth fund (Government of Singapore) had entered into a strategic partnership to develop a rental assets portfolio with GIC as 1/3rd partner, under the consolidated portfolio of DLF Cyber City Developers Ltd (DCCDL), a subsidiary of DLF Ltd. Also Read: DLF to invest Rs 5,000 crore in IT park project in Chennai
“We are indeed delighted at the confidence and trust reposed by SCB in DLF. We welcome Standard Chartered GBS to our family and will do our best to develop a landmark building while ensuring the safety and wellness of SCB employees. We will continue our passionate journey of providing safe and sustainable workspaces matching global standards,” said Sriram Khattar, Managing Director, DLF Rental Business.
DCCDL, the joint venture of DLF-GIC, and TIDCO, announced the launch of DLF Downtown, Chennai with an investment of 5,000 crores, earlier this year. The building is designed by world-renowned architects Gensler, accounting the needs of the future of work and employee wellbeing and collaboration.
Standard Chartered GBS office in DLF Downtown, Chennai will be its largest campus globally. The unique building design with a wider span of atriums, interconnecting internal staircases, terraces and skylight -is a highly experiential workspace for employees to connect, collaborate and belong.
“This strategic partnership is a testament to the success of our vision of new-age workplaces. The building design would be unique in India with the futuristic view of experience in the post-pandemic world,” said Amit Grover, Executive Director, DLF Offices, said.
DLF Downtown project spanning over 27 acres, is a mixed-use development project, is strategically located in the heart of Old Mahabalipuram Road at Taramani, the IT Central Business District of Chennai which is already home to over 100 MNCs and top Indian companies.
DLF has been in Chennai for 15 years. DLF Cybercity in Manapakkam is the largest IT SEZ in the state. Once Downtown Chennai is completed, DLF will have 14 million sq ft of commercial space in the southern city.
The project is expected to be completed in six years and will help generate 70,000 direct and 6,000 ancillary jobs once operational.
In December 2017, DLF had formed a joint venture with GIC after its promoters sold their entire 40 per cent stake in the DCCDL for nearly Rs 12,000 crore.
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