Global financial giant, Citibank has signed its biggest commercial office space deal in the country, under which it will pay Rs 950 crore to acquire about 3 lakh sq ft area spread across six floors in a building in the Bandra-Kurla Complex.

The bank has agreed to buy 2.97 lakh sq ft space at the First International Financial Centre (FIFC) Tower at an approximate rate of Rs 31,000 per sq ft. The FIFC is constructed by the TCG Urban Infrastructure and New York-based realty firm Vornado Realty Trust. The building will have a total area of about 6.5 lakh sq ft and the bank will now own about half of that area.

"This investment represents another significant commitment by Citi to its franchise in India. FIFC will house all key businesses of Citi currently spread across Mumbai and other cities. FIFC will be the second landmark property for Citi in BKC, after Citigroup Centre," the bank said in a statement.

Citibank NA and Citigroup Global Markets were involved in purchasing the space in the new building in Mumbai. The bank will shift all consumer-facing businesses including finance, core banking and private banking to the new office building. The present office in south Mumbai will continue to host administrative departments, finance, legal and HR at its present office in south Mumbai.