MUMBAI: In the biggest office space transaction so far this year, American multinational investment bank and financial services company Bank of America’s offshore delivery arm has picked up nearly 0.5 million, or 5 lakh sq ft, office space in DLF and GIC's commercial complex DLF Cyber Park in Gurgaon on a long-term lease, said two persons with direct knowledge of the development.Total tenure of the lease would run for nine years and the agreement includes a rental escalation clause every three years.
Currently, the rentals have been fixed at over Rs 110 per sq ft a month and will have a 15% escalation every three years.