Complex GCC leases keep law firms busy

What were once routine leases are now turning into M&A-style mandates

- Krishna Yadav

There is a rise in number, size and tenure of GCC-led large office leasing transactions.

(ISTOCKPHOTO)

India Inc's global capability centre (GCC) boom is keeping the country's law firms busier than ever as more multinational companies set up larger office campuses on longer lease tenures across major cities. As foreign companies commit to 15-30 year tenures and build million-square-foot facilities in Bengaluru, Hyderabad, Mumbai, the National Capital Region (NCR) and Chennai, leading law firms such as Cyril Amarchand Mangaldas, Khaitan & Co, JSA Advocates & Solicitors and Nishith Desai Associates are increasingly being drawn into these transactions.

What were once routine commercial leases are now turning into M&A-style mandates involving detailed land and regulatory due diligence, construction and zoning approvals and long-term risk allocation.

There is a clear rise in the number, size and tenure of GCC-led built-to-suit and large office leasing transactions in India, according to Cyril Shroff, managing partner at Cyril Amarchand Mangaldas.