Goldman Sachs Services leases nine floors in Hyderabad at a rent of Rs 4.14 crore per month

American multinational investment bank and financial services major Goldman Sachs Services Private Limited has leased nine floors spread across an area of 3.5 lakh square feet (sq ft) in Hyderabad

American multinational investment bank and financial services major Goldman Sachs Services Private Limited has leased nine floors spread across an area of 3.5 lakh square feet (sq ft) in Hyderabad for a period of 117 months. The monthly rental is Rs 4.14 crore, documents accessed by Propstack showed.

The company has made a deposit of Rs 35.2 crore, the document showed.

A lease agreement has been signed with Devbhumi Realtors Private Limited. The builder has constructed a 12-floor building known as Opel Block measuring 5.09 lakh sq ft in Knowledge City. The New York-headquartered company has taken on lease nine floors -- ground to the eighth floor -- of the building for 117 months, the lease document showed.

The chargeable area is 351,109 sq ft, the document showed.

The rent per month is Rs 118 per sq ft for 36 months, after which it will increase to Rs 128.2 per sq ft for the next 36 months, following which it will increase to Rs 139.9 per sq ft. A rent of Rs 89.9 per sq ft will be charged for the next 24 months and Rs 103.4 per sq ft for the remaining nine months, the document showed.

An email has been sent to  Sattva Group of which Devbhumi Realtors Private Limited is an offshoot. Goldman Sachs Services Private Limited refused to comment.

In 2021, Goldman Sachs Group signed a long-term lease transaction for 1.5 lakh sq ft office space in a joint project by real estate developer Salarpuria Sattva Group and private equity major Blackstone Group’s Knowledge City in Hyderabad, media reports said.

A recent report by Knight Frank India has said that office space demand was resilient, with 26.1 million sq ft (msf) being transacted during H1 2023, a growth of 3 percent over the previous year in terms of volume. In fact, the momentum seemed to be increasing towards the end of the period, as 14.8 msf was transacted in Q2 2023, the highest quarterly number since Q1 2021, the report said.