Wells Fargo has renewed lease on a 3.74 lakh square feet space in Hyderabad at a monthly rent of ₹2.1 crore.
The renewed lease is for 60 months and the rate is fixed at ₹57.48 per square feet a month for the entire tenure of the lease with no escalation clause, according to the lease details provided by data analytics platform Propstack.
The tenant can renew the lease for another five years at an escalated rent of ₹69.54 per square feet a month.
The entity which has taken the lease is Wells Fargo International Solutions Pvt Ltd, a subsidiary of the US-based financial services company. The India entity provides support services to the core operations of the group and is an extension of the technology, operations, and corporate support teams of Wells Fargo.
It engages in application development and support, testing, other technology functions, international operations, knowledge support, and middle and back-end banking process solutions for a wide spectrum of Wells Fargo’s needs.
It has taken ten floors on lease at Divyasree Orion, an office complex developed by the DivyaSree Developers Group, which has set up offices in Bengaluru, Hyderabad, and Chennai. Wells Fargo is already one of its tenants. The office is in a designated SEZ zone.