Deloitte leases 80,000 sq ft space in Oberoi Commerz building in Mumbai for ₹2.09 crore per month

Deloitte Shared Services India LLP has leased the commercial space for five years, according to the leave and license agreement shared by Propstack.

Deloitte Shared Services India LLP has leased 80,849 sq ft of office space at the Oberoi Commerz III building in Mumbai at a monthly rent of ₹2.09 crore a month, according to the leave and license agreement shared by Propstack.

Deloitte Shared Services India LLP has leased 80,849 sq ft of office space at the Oberoi Commerz III building in Mumbai at a monthly rent of ₹2.09 crore a month (Representational photo) (Unsplash)

The space spread across two floors has been leased for five years. Terms of the deal include a 15% escalation in rent after 36 months. The starting rent works out to be ₹258 per sq ft per month, the documents showed.

The company has paid a security deposit of ₹18.8 crore for nine months, the documents showed.

The start lease date is November 1, 2024.

Emails have been sent to Deloitte India and Oberoi Realty. The story will be updated if and when a response is received.

Deloitte Consulting India had also leased about 1.56 lakh sq ft of office space for 10 years at the International Tech Park in Pune’s Kharadi area earlier this year.

Other deals in Commerze III business hub

Earlier, IDFC First Bank has leased four floors spanning 1.64 lakh square feet in Oberoi Garden City of Mumbai's Goregaon East suburb, property registration documents accessed through real estate portal FloorTap.com showed.

The deal, also included parking space for 165 cars in Commerze III of the business hub, involves a starting monthly rent of ₹3.85 crore or ₹233 per square feet, the documents showed. Terms of the deal included a 15% escalation in rent following 36 months of the license commencement date. The 5-years lease period begins on January 15, 2025.

In July, Nielsen Media and its subsidiary Whats On India Media Pvt Ltd have leased a 1.52 sq ft commercial space in Commerze III, International Business Park, Oberoi Gardens, a project by Oberoi Realty, in Mumbai for a starting monthly rent of ₹3.87 crore for 10 years.

The first agreement was for an area of 39,852 sq ft located on the 35th floor in Commerz III, International Business Park, Oberoi Garden, Goregaon East, Mumbai. The agreement was signed between Oberoi Realty and Whats On Media Pvt Ltd. The starting monthly rent is more than ₹1 crore. The rent worked out to be ₹252 per sq ft. The security deposit paid was more than ₹8 crore, according to the Leave and License agreement.

There are three commercial buildings that are part of Oberoi Realty’s international Business Park - Commerz 1 that is a part of the hotel development and has 17 floors of offices and Commerz 2 which has 30 floors. These buildings have been leased out.

Commerze III is a 51-storey commercial development, located within the International Business Park of Oberoi Garden City. It is also home to global investment bank Morgan Stanley, which has leased 1.6 million square feet on lower floors within the building.

It should be noted here that co-working firm WeWork India had also earlier renewed its lease for 1.4 lakh square feet of office space in neighbouring Nesco IT Park for a monthly rental fee of ₹2.25 crore. The deal included a stamp duty of ₹37.93 lakh.