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waterfield consultantAn independent multi-family office and wealth advisory firm, has developed an ocean-view front office that spans an entire floor. commercial Tower Avighna House in luxurious Worli country’s commercial capital Mumbai On a record monthly lease rental of Rs 520 per sq ft.
The firm has leased over 6,150 square feet of usable office space in the tower for a total period of five years. The deal assumes significance in the backdrop of record rental per sq ft attracted by any office property in the country’s most expensive Mumbai market after a long hiatus.
Earlier in 2007, Barclays Bank leased 15,000 square feet of office space on the commercial tower. heritage pack House in Worli at Rs 725 per sq ft per month. Avighna House is also located on Dr. Annie Besant Road adjacent to CJ House.
After 2008, there was a decline in commercial property rentals due to an improved supply of office stock in the country’s financial capital and a decrease in front office demand from international banking groups following the global financial crisis. However, the demand has seen a steady increase since then.
Nishant Agarwal, Managing Director, Avighna India Deal confirmed without detailed explanation.
“For our next phase of development, we were looking for an office address that matched the lineage of the Ultra HNI and family offices,” said Karthik Kini, COO of Waterfield Advisors.
Worli is known for housing offices of several major financial and investment banking world companies including Credit Suisse, Lehman Brothers, Societe Generale and Hypo Bank.
Though Mumbai has not seen any deal at these rates in recent times, such rentals were earlier seen in the business district of Bandra-Kurla Complex.
“Central Mumbai especially Worli micro-market is emerging as a credible option for financial institutions and private equity majors. With no major supply expected at BKC for the next three years, Worli will continue to see traction of deals from corporate office executives,” said Gautam Saraf, MD-Mumbai and new business at Cushman & Wakefield.
On Friday itself, ET reported that American multinational investment management and financial services company Morgan Stanley has leased two floors of ocean-view front office space in a commercial tower in Mumbai’s luxurious Worli area for over nine years. Have given.
Waterfield Advisors will pay a total rent of around Rs 20 crore for the office space during the term of the lease. Monthly rent will see an increase of 4.75% and deposits will also see a similar increase every 12 months. The upfront deposit in the first year was fixed at Rs 1.92 crore.
Founded in 2011 by Soumya Rajan, Waterfield advises assets worth over $4.3 billion on behalf of several prominent Indian business families through its seven offices across India.
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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