An initial payment including the security deposit of Rs 104.9 crore and a stamp duty of Rs 1.97 crore has also been made to the lessor Oberoi Realty Limited.
Global financial services giant Morgan Stanley has leased 10.1 lakh square feet of office space in Mumbai for a total rental payout of over Rs 2,122 crore. The company has leased the space for nine-and-a-half years through its India arm, Morgan Stanley Advantage Services.
The initial monthly rent for the office will be Rs 15.96 crores, records of property registration from the real estate data analytics firm Propstack showed.
An initial payment including the security deposit of Rs 104.9 crore and a stamp duty of Rs 1.97 crore has also been made to the lessor Oberoi Realty Limited as a part of this deal.
Morgan Stanley will pay rent of Rs 180 per sq ft per month initially which is subject to a rental escalation of 15% every three years.
The space is spread over 16 floors in Oberoi Commerze III, located in Oberoi Garden City in the Goregaon East suburb.
In July 2020, the US-based company had finalised this 1.1 million sq ft in this more than 40-story tower, one of the tallest mixed-use office structures in the country. This deal has now been concluded.
This new campus will act as a base for Morgan Stanley company’s Global In-house Centre (GIC) that unites all the company’s facilities in terms of various kinds of business activities.
The company had set up its GIC in Mumbai in 2003 and wants to increase the operational efficiency as well as integration by commencing the services at this new facility.
“This significant investment underscores Morgan Stanley’s long-term commitment to our employees. India plays an integral role as in the Firm’s performance and as a centre of exceptional talent,” said Arun Kohli, Country Head of India, Morgan Stanley as quoted by The Economic Times
The office space is located in an area for upcoming infrastructural projects like the metro station that would make commuting easy for employees from different parts of Mumbai.
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