Yes Bank enters into largest tenure lease deal
In the largest tenure lease deal ever in India, private sector lender Yes Bank has picked up over 2.30 lakh sq ft office space in Navi Mumbai for a total of 21 years, said two persons with direct knowledge of the development. In addition to the leased space, Yes Bank also has secured first right of refusal for 50,000 sq ft in the complex. The bank will be paying rentals of about Rs 50 per sq ft a month excluding maintenance charges. The agreement includes a rental escalation clause with 15% increase every 3 years.
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