E-Paper
Mumbai's mega rental deal: Morgan Stanley leases 1 mn sq ft office space at a monthly rent of ₹15.96 crore
Mumbai real estate: The office space leased by Morgan Stanley Advantage Services Private Limited is spread across 16 floors in Oberoi Commerze III
In one of the largest office rental deals in Mumbai, global financial services giant Morgan Stanley has leased 1 million square feet of office space for over nine years at a starting monthly rental of ₹15.96 crore, property registration documents accessed through real estate data analytics platform Propstack showed.
As per the documents, the space leased by Morgan Stanley Advantage Services Private Limited is spread across 16 floors in Oberoi Commerze III, located in Oberoi Garden City of Mumbai's Goregaon East suburb. The total chargeable area is 10.01 lakh square feet.
The property deal was registered on August 28, 2024, and named Oberoi Realty Limited as the lessor. It included a stamp duty of ₹1.97 crore and a security deposit of ₹104.9 crore, the documents showed.
Morgan Stanley had announced as early as 2020 that the company would be consolidating its Mumbai Global In-house Centre (GIC) operations into one centralised campus, at Oberoi Realty's Commerze III building. Prior to this, the company's GIC operations in the financial capital were delivered out of three locations.
Terms of the recent deal include a 15% escalation in rent three years after the license commencement date, and another 15% in three years post the first round of hike. The lease period for 14 out of the 16 floors commenced on April 1, 2024, the documents showed.
Also Read: IDFC First Bank leases four floors spanning 1.64 lakh sq ft in Mumbai
Queries sent to Oberoi Realty and Morgan Stanley by HT.com did not elicit a response till press time. The story will be updated once a response is received.
Spanning 2.3 million square feet, Commerze III is a 51-storey commercial development, situated within the International Business Park of Oberoi Garden City. The Grade A commercial tower includes as many as 52 elevators and three floors of parking in the basement.
Also Read: Deloitte leases 80,000 sq ft space in Oberoi Commerz building in Mumbai for ₹2.09 crore per month
Other commercial space transactions in Mumbai
Earlier, Deloitte Shared Services India LLP had leased 80,849 square feet of office space in Oberoi Commerz III at a monthly rent of ₹2.09 crore a month, according to the leave and license agreement shared by Propstack.
In July, Nielsen Media and its subsidiary Whats On India Media Pvt Ltd had leased a 1.52-square feet commercial space in Commerze III for a starting monthly rent of ₹3.87 crore for 10 years.
