Yes Bank leases 4 lakh square feet office space in Chennai

BENGALURU & MUMBAI: Yes Bank has leased 4 lakh square feet of office space at One Indiabulls Park in Ambattur locality of north Chennai, the largest such transaction in this market since 2009, when Royal Bank of Scotland rented 4.6 lakh sq. ft. The private, Mumbaibased bank plans to set up its centralised business process outsourcing unit at this office.

“The upcoming Yes Bank facility at Ambattur, Chennai, spread across 4 lakh sq. ft. (with an option of going up to 8 lakh sq. ft.) will be the single largest ever service facility for the bank,” said Rana Kapoor, MD & CEO. The lease has been transacted at Rs 30-33 per sq. ft. a month, said two people familiar with the development.

“Yes Bank is leasing this space for 15 years at highly competitive rates befitting an anchor tenant, with the building fully dedicated to Yes Bank and will be named as Yes Bank Centre,” said Rana. Indiabulls Group declined to comment on the transaction.

One Indiabulls Park is a 2.2 million sq. ft. office property in Chennai and has tenants including RBS, Kone, Ajuba, Bank Bazaar, Access Healthcare and iBox. The Yes Bank facility is expected to be operational by the first quarter of 2016-17. Yes Bank currently has two national operations centres — in Mumbai and Gurgaon. The bank had 662 branches and a total headcount of 11,543 as of June 30.

Last year, Indiabulls Group’s subsidiary, Indiabulls Distribution Services, acquired the India Land Tech Park spread over 10 acres for Rs 600 crore.