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American multinational investment management and financial services company Morgan Stanley Has an ocean view front office space spread over two floors in commercial Tower Inn Mumbailuxurious worli The locality through long-term lease of more than 9 years, said persons with direct knowledge of development.
Over Rs 340 crore will be paid during the lease period for a total of 86,200 square feet of office space on the 39th and 40th floors of the upcoming tower Ultimus being developed by the financial company. K Raheja Corp.,
The new office is likely to be the headquarters of Morgan Stanley India. The company currently has a total of four offices in Mumbai including corporate offices in Lower Parel and three global in-house centers in the suburbs.
The Indian arm of the New York-headquartered company will pay an advance deposit of six months’ rent at the time of registration of the deal that took place last week.
The lease rental has been fixed at Rs 325 per sq ft per month for the first year and will increase by 4% after every 12 months.
ET’s email query to Morgan Stanley, K Raheja Corp remained unanswered, while transaction advisors JLL India declined to comment for the story.
The commercial project, spread over a land parcel of more than 3 acres, will have a leasable area of more than 1 million square feet. The tower, which will be one of the tallest office towers in South Mumbai, is expected to be completed in the second half of 2023.
Morgan Stanley has been operating in India for over 28 years, providing a wide range of services to domestic and international clients. The firm has a leading institutional securities platform in India, offering a full range of research as well as investment banking, capital markets, equities, fixed income, commodities and derivative products.
It has also been an active investor in Indian infrastructure, real estate and private equity projects over the years.
In 2003, Morgan Stanley established a new global in-house center in Mumbai to support the firm’s institutional securities, wealth management and investment management businesses around the world.
The center has technology, operations, finance, legal and compliance, human resources, internal audit, corporate services, fund services, major brokerage and other specialized functions, and is located at three sites in Goregaon, Mumbai – Athena at Mindspace, Nirlone Knowledge Park campus and WeWork at Oberoi Commerge II – and since 2015 at RMZ Ecoworld, Bengaluru.
The recovery in commercial real estate, especially office spaces, has been broad-based following the COVID-19 pandemic, as indicated by the increasing number of small and medium-sized leases and one-time transactions across segments and key property markets.
The commercial office segment, which was hit hard by the pandemic, has made a strong comeback in the last 3-4 quarters owing to strong economic growth, increased recruitment and a return to office trend, a boom in the office sector.
The Indian office market grew significantly and delivered a strong performance in the first half of 2022. Office transactions were recorded at 25.3 million sq ft, a 107% year-on-year growth, indicating the market’s potential on the back of a looming pandemic and the promise of a sustainable economic recovery.
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