By Varun Singh
In a big ticket rental deal, Morgan Stanley has leased 86,200 sq ft office space spread over two floors in a commercial tower in Mumbai’s Worli locality for a period nine years.
According to documents provided to SquareFeatIndia by Propstack, the deal was signed on October 21 this year.
Morgan Stanley will be paying lease of Rs 325 per sq ft per month for the first year. The project in which this lease deal has taken oka r is Altimus, which is currently under development and Morgan Stanley’s office will be on 39th and 40th floor of the commercial tower.
The monthly rent payable in respect of the Premises for each year succeeding the first year from shall be the rent payable in-respect of the immediately previous year as escalated by 4.25 per cent per annum.
Morgan Stanley has paid an upfront deposit of ₹8.4 crore.
According to market sources the commercial project is spread over a land parcel of over 3 acres and will have more than 1 million sq ft leasable area. This tower, when developed will be one of the tallest office towers in South Mumbai.
“Over the last few years BKC (Bandra Kurla Complex) has emerged as the front office hub as corporates shifted from Nariman Point (erstwhile CBD). This was primarily due to more modern buildings and better proximity to Human Resources. However with Bandra – Worli sea link, Worli micro market was always an alternate option especially at comparatively lower rents. Corporates who are considering a front office move and are as yet undecided will start looking at Worli more closely,” said Raja Seetharaman co-founder of Propstack.
Also Read: JP Morgan picks 1.16 million sq ft in Goregaon for 10 years on lease along with 1,130 car parks
