Morgan Stanley takes office space on rent of Rs 1,700 cr from Oberoi Realty

New Delhi: Morgan Stanley has taken about 11 lakh square feet space on rent of Rs 1,700 crore in Groegaon in Mumbai from Oberoi Realty. The rent agreement is for 9.5 years, the realty firm said in a statement.

As per the agreement, investment bank Morgan Stanley will pay a rent of Rs 180 per square feet per month initially. Thereafter, there will be a 15 percent increase in rents every three years. The new campus of Morgan Stanly will be at ‘Commerz III’ building of the realty firm in Goregaon. The buildings will be readied by 2023.

"We believe that bringing together our Mumbai GIC operations into one centralized campus will serve as a catalyst to creating further agility and synergy across all the GIC functions. The investment is a testament to the firm''s commitment to India and our staff,” said Robert Rooney, Global Head of Technology, Operations & Fusion Resilience-Morgan Stanley.

This is one of the biggest office space deal for the company, said Oberoi Realty CMD Vikas Oberoi. He also said that major consolidation in all segments of the real estate industry is likely and well-capitalised real estate firms with a proven track record will emerge stronger in the difficult times.