PayPal, one of the largest online payment processors in the world, has renewed the lease for a commercial building that houses its India headquarters at Xander Investment Management’s Futura Tech Park in Chennai for 10 years, said people with direct knowledge of the development.
Futura Tech Park is part of the portfolio of X Office Parks India, an office property platform sponsored by the global private equity real estate firm. Through this lease renewal, PayPal will get access to 2.6 lakh sq ft of space.
“The lease rental for the space has been set in the range of Rs 60 to Rs 65 per sq ft a month. The agreed rentals reflect the grade A office park’s location and additional benefits that accrue to PayPal by being able to occupy an independent building within the campus,” said one of the people mentioned above.