DLF on Wednesday said it has signed an anchor deal with Standard Chartered GBS for its office building in Chennai. Standard Chartered GBS will take on lease 7.7 lakh square feet in one of the largest commercial office space deals in the country in recent times.

Though the real estate firm did not disclose the financial details, sources put the construction cost at Rs 450 crore for the upcoming commercial tower in Chennai. A statement by DLF said Standard Chartered GBS will set up its largest office at this address.

DLF Cyber City Developers Ltd (DCCDL), which is a joint venture between DLF and Singapore sovereign wealth fund GIC, has leased out the space in its commercial project ‘DLF Downtown’ at Taramani in Chennai, which is being developed at a total investment of Rs 5,000 crore.

The Standard Chartered GBS office will be its largest campus globally.

“This strategic partnership is a testament to the success of our vision of new-age workplaces.

“DLF Downtown, spanning over 27 acres, is being planned as a multi-block campus with inter-connected office blocks at the podium level and a host of retail amenities for a perfect work-life integration,’’ said Amit Grover, executive director of DLF Offices.

While the announcement came after market hours, shares of DLF on Wednesday ended with gains of almost 3 per cent. On the BSE, the scrip closed at Rs 172.15 — a rise of 2.81 per cent over its last close.

The construction of the prime office tower is expected to start in January 2021 and will be completed in 36 months.

The DLF Downtown project is spread over 27 acres and has a total leasable area of 68 lakh sq ft, largely office space with some retail portion. Around 25 lakh sq ft built-up area is under construction in this project. In December 2017, DLF had formed a joint venture with GIC (Singapore’s sovereign wealth fund) after its promoters sold their entire 40 per cent stake in DLF Cyber-City Developers Ltd (DCCDL) for nearly Rs 12,000 crore. t present, the DCCDL has 33 million sq ft of office and retail portfolio, generating a total rental income of Rs 3,500 crore annually

During the first quarter ended June 30, DLF posted a consolidated net loss of Rs 70.65 crore as construction and sales activities were badly hit due to coronavirus pandemic. It had posted a net profit of Rs 414.73 crore in the year-ago period.