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US data firm Factset to set up its largest global office in Hyderabad

Economic Times:  September 14, 2016

Hyderabad: American financial data and analytics firm Factset has sealed a deal to set up an 8.6-lakhsquare-feet office in Hyderabad, its largest in the world, earmarking Rs 800 crore for lease rentals over 15 years. The Nasdaq and NYSE-listed firm, which has 8,000 employees in 40 locations across 21 countries, is gearing up to hire 7,000 employees for Hyderabad alone, said two persons close to the deal.

Factset has agreed to acquire 8.6 lakh sq ft of high-end office space at Divyasree Orion Special Economic Zone in Gachibowli, one of the persons said. Cushman & Wakefield acted as consultant for the deal, he said. The SEZ is spread over 4 million square feet While Cushman & Wakefield's Hyderabad managing director Veera Babu refused to divulge details citing confidentiality clauses with clients, Telangana's IT secretary Jayesh Ranjan confirmed the development. "Factset had been in talks with us for the past seven-eight months for new investments in the city," Ranjan said.

In response to ET queries, Fact set's spokesperson Amy C Bowman expressed inability to provide details until next week. "The move by Factset to acquire its largest global office space in Hyderabad comes months after Apple, Amazon and Google choosing Hyderabad for their global development centres attracted by a strong talent pool and low real estate costs, coupled with political stability," one of the per sons cited earlier said. Wells Fargo, IBM and JPMorgan have also sea led deals for high-end office space in the city over the past few months.

A property consultant described the deal as the second-largest office space acquisition in Hyderabad after Swiss healthcare firm Novartis acquired 9 lakh sq ft office pace three years ago.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.