Bank of America’s arm leases office space in DLF Cyber Park

In the biggest office space transaction so far this year, American multinational investment bank and financial services company Bank of America’s offshore delivery arm has picked up nearly 0.5 million, or 5 lakh sq ft, office space in DLF and GIC's commercial complex DLF Cyber Park in Gurgaon on a long-term lease, said two persons with direct knowledge of the development. Total tenure of the lease would run for nine years and the agreement includes a rental escalation clause every three years.   Currently, the rentals have been fixed at over Rs 110 per sq ft a month and will have a 15% escalation every three years.