The company also has an option to expand the deal size to 9.08 lakh sq ft going forward, and this is one of the largest office lease transactions with pre-commitment arrangement.
The payments systems operator Mastercard has leased the space to its subsidiary through Mastercard Technology with a lock-in period of 10 years.
The commercial project, jointly owned by Brookfield and Nephronia Ecopaces, is currently under construction. The space taken up by Mastercard is expected to be delivered in three phases between October 2022 and October 2024.
Out of the total office space being leased by Mastercard, the transaction for the first phase with 4.23 lakh sq ft has already been registered.
Mastercard Technology will be paying monthly rentals of Rs. 97.50 per sq ft for the leased space, taking the annual pay out to around Rs 50 crores for the leased space under the first phase.
As per the lease agreement for the first phase, Mastercard will be paying a security deposit worth 12 months’ lease rentals. In addition to the office space, the tenant will also get exclusive access to a total 683 car parking and 1,174 two-wheeler parking slots, showed the agreement accessed through real estate analytics firm Propstack.
ET’s separate email queries to both Mastercard and Brookfield remained unanswered until the time of going to press.
Bluegrass Business Park is part of Brookfield’s portfolio of over 50 million sq ft office spaces across India. The complex is part of a mix-use development spread across 59 acres of area offering commercial, residential and hospitality spaces. With over 1.9 million sq ft of commercial space, the upcoming campus is master planned by Perkins Eastman and the development is being undertaken in collaboration with Ananta Lifespaces.
Last week, the Reserve Bank of India lifted the restriction on Mastercard Asia enabling the company to resume onboarding of new domestic customers for debit, credit and prepaid cards onto its network in the country, with immediate effect.
“India is an important market for us, both in terms of the innovation created here and the value we deliver to our customers and partners. We take great pride in being able to contribute to the government’s vision of a Digital India and will continue to invest in the country’s future with the same passion and dedication as we always have,” Mastercard had said in a release following the RBI’s decision.
The deal is an indication of rising numbers of leasing through pre-commitments as corporates are locking in large office spaces across the country in the backdrop of reviving expansion plans.
Large technology, consulting, and financial services firms like Google, Amazon, Qualcomm and Wells Fargo have pre-committed large office space across major cities in the last few quarters.
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