US-Based Charles Schwab Leases 3.45 Lakh Sq Ft Office Space in Hyderabad's Gachibowli for GCC, Total Rental Commitment of ₹247 Crore
Hyderabad, March 7, 2026: US-based financial services major Charles Schwab has leased approximately 3.45 lakh sq ft of office space in Hyderabad's Gachibowli locality as part of its expansion of global capability centre operations in India .
Lease Details
The company has taken up space at Phoenix Equinox Tower 2, a commercial office property owned by Phoenix IT City Private Limited, part of the Phoenix Equinox business park located in Hyderabad's key IT corridor of Gachibowli .
Based on the escalation structure, the five-year lease could translate into a total rental commitment of about ₹247 crore over the tenure. The agreement also includes an annual rental escalation of 5%. The tenant has deposited a security amount of ₹25.28 crore with the landlord .
The company has leased five floors — 10, 11, 12, 13, and 14 — in the tower, taking up a total chargeable area of 3.45 lakh sq ft. The agreement is a fresh lease with a tenure of 60 months. As per the lease terms, the rent has been fixed at ₹108 per sq ft per month, translating into a monthly rental outflow of about ₹3.73 crore. On an annual basis, the rental payout works out to roughly ₹44.76 crore .
Phased Commencement
The lease commencement will take place in phases. Rent for the first phase of the space will begin from April 2026, while the second phase will start generating rental payments from July 2026 .
Strategic Expansion
The lease has been signed by Charles Schwab Services India Private Limited, the Indian arm of the US brokerage and financial services firm. This expansion follows a meeting between Telangana Chief Minister A Revanth Reddy, IT Minister D Sridhar Babu, and senior Schwab executives at the company's global headquarters in Dallas, where plans for a Technology Development Centre in Hyderabad were discussed .
Hyderabad's GCC Momentum
The deal reflects the continued momentum in Hyderabad's office market, particularly in the Gachibowli–Financial District corridor, which has emerged as a key hub for global capability centres across technology, financial services, and consulting firms .
According to a report by CBRE, Hyderabad recorded around 11.4 million sq ft of gross office leasing in 2025, marking a 10% year-on-year increase and making it one of India's strongest performing office markets. Demand was largely driven by global capability centres, which accounted for about 50% of the total office absorption in the city during the year .
Broader Trend in Financial Services GCCs
Charles Schwab joins a growing list of US financial services firms strengthening their India operations. Recent industry reports indicate that firms such as Vanguard, Northern Trust, and Apollo Global Management have structured their India operations into more formalised global capability models, expanding roles in technology development, investment operations, and data analytics .
The latest wave of entrants differs from earlier outsourcing-driven models. Newer GCCs are being structured as integrated global hubs focused on artificial intelligence, cloud-native engineering, quantitative analytics, cybersecurity operations, and digital transformation rather than pure back-office processing .
Market Outlook
According to ICRA, GCCs are expected to lease 50-55 million sq ft of office space between April 2025 and March 2027, forming about 40% of total incremental demand in India's office market . Hyderabad accounted for 19% of the total area absorbed by GCCs in India in 2025, making it the second-largest GCC office market in the country after Bengaluru .