Wells Fargo & Company is nearly doubling its office space in India to expand its presence in the country. It is close to leasing about 8,00,000 square feet office space in Embassy Tech Village on the Outer Ring Road in one of the largest deals in the segment in India this year, said sources.
The US financial services firm will be paying a rental of over Rs 86 crore a year, at a rate of around Rs 90 per sq foot a month, for the space which is being rented on a 20-year lease, said one of the persons.
“The new facility will come up in Embassy Tech Village in ORR, Bengaluru, which also houses the existing development units of the US banking and financial company spread over 850,000 sq ft,” the person said on condition of anonymity. The new space will also help the firm double its headcount in Bengaluru, the largest office market in India. Wells Fargo & Company has 20,000 workers in India, spread across Hyderabad, Bengaluru and Chennai. Queries emailed to the company did not elicit any response till press time.
This year has seen several large office deals, the latest being that of Capgemini taking up 445,000 sq ft space in DivyaSree Technopark while Cognizant signed a deal for 450,000 sq ft space earlier in Bagmane Solarium City and Cerner took 570,000 sq ft space in Assetz North Gate.
Bengaluru is expected to close the year at 12-13 million sq ft of office space being leased, accounting for nearly 27% of the overall absorption across the country’s top seven cities in 2019, according to estimates.
