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Wells Fargo International Solutions, the back-end arm of American financial service major Wells Fargo, has renewed its lease for over 3.7 lakh sq ft of commercial office space in Hyderabad, marking one of the largest office lease transactions in the country in 2023.
According to a lease document shared by Propstack, a data analytic firm, Wells Fargo International Solutions has leased the office space in Divyasree Orion, Hyderabad, from Divyasree NSL Infrastructure for a tenure of 60 months at a rent of ‘57.48 per sq ft, with no escalation during the lease period.
Divyasree Developers could not be reached for comment.
In 2022, the San Francisco headquartered company extended the lease for 8.47 lakh sq ft on its Embassy Tech Village (ETV) – owned by Embassy REIT-in Bengaluru’s Outer Ring Road.
Wells Fargo has renewed the lease for this space, which houses its technology back-end offices, till June 2032, with a 15% escalation to existing rentals every three years.
Despite facing global headwinds and a sluggish tech sector, the office sector is expected to maintain its resilience throughout the year. While challenges persist, several top global firms, including EY Global Delivery Services India, Amazon Development Centre India, and Apple India, have recently renewed their office leases.
The net office absorption across the top seven cities broke its six-quarter declining trend by making a minor recovery in Q2 2023. While occupiers remain slightly bearish on expansion activity, India continues to see growth from its domestic firms and global occupiers spreading their wings, albeit at a slightly slower pace.
India’s office markets gross leasing for H1 2023 was up by 2.5% to 25.31 million sq ft, compared to the same period a year ago, mentioned JLL.
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