The back-end wing of US-based financial services company Wells Fargo, Wells Fargo International Solutions, has renewed its lease for more than 3.7 lakh square feet (sq ft) of commercial office space spread across 10 floors in Hyderabad for five years, documents accessed by Propstack showed.
The monthly rent is Rs 2.14 crore and the per sq ft rent is Rs 57.48, the documents showed.
There is no escalation during the lease period.
The company has renewed the lease in a building known as Divyasree Orion by Divyasree NSL Infrastructure Private Limited.
A deposit of Rs 8.8 crore has been made by the company, the documents showed.
An email has been sent to Wells Fargo International Solutions. The copy will be updated once a response is received.
American multinational investment bank and financial services major Goldman Sachs Services Private Limited had earlier leased nine floors spread across an area of 3.5 lakh sq ft in Hyderabad for a period of 117 months. The monthly rental is Rs 4.14 crore. The company had made a deposit of Rs 35.2 crore.
The April to June quarter of 2023 recorded 14.6 million square feet (msf) of gross absorption of office space across the top six cities, rising by 2 percent from 14.3 msf last year, indicating a rebound after a cautious first quarter. Bengaluru and Chennai led overall leasing growth at 23 percent each, a new report by Colliers has said.
A report by Anarock Research has shown that Hyderabad outshone Bengaluru with the highest new office supply in fiscal 2023 with almost 14.94 million square feet of office space getting added and accounting for a 31 percent share of the total supply in the top seven cities.
Office supply completions in Hyderabad were 27 percent higher than in FY22. In contrast, Bengaluru saw approximately 12.66 mn sq ft of office supply completions, about 13 percent lower than the last fiscal. Bengaluru had a 26 percent share in total supply in top metros, it said.
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