Oberoi Realty to lease 1.1 Mn sq ft to Morgan Stanley
Morgan Stanley has concluded negotiations and reached a deal to lease up to 1.1 million square feet office space for 9.5 years from Oberoi Realty in Goregaon.
By Varun Singh
Morgan Stanley and Oberoi Realty today announced that they have concluded negotiations and reached a deal for Morgan Stanley to lease up to 1.1 million square feet office space for 9.5 years from Oberoi Realty.
Morgan Stanley has decided to consolidate Morgan Stanley’s Mumbai Global In-house Centre (GIC) operations to a single campus in the city.
The new campus will be located at Oberoi Realty’s Commerz III building in Goregaon and will be ready in 2023.
Commenting on the announcement, Robert Rooney, Global Head of Technology, Operations and Fusion Resilience, Morgan Stanley, said, “The GICs are an integral part of our global business and they allow us to operate more efficiently and effectively as a Firm. 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.”
Vikas Oberoi, CMD, Oberoi Realty, said, “Our relationship with Morgan Stanley goes back to 2007 and we are delighted to have them as our anchor tenant in this world class building. This is one of the largest office space transactions ever and proves our ability to grow the commercial vertical in the coming years. We are seeing major consolidation across all segments in the industry and well-capitalized players like us with a proven track record will continue to thrive in the toughest of circumstances. Our commitment to our annuity portfolio remains strong while we continue to capitalize on opportunities in the residential sector.”
Commerz III is a 2.3 Mn sq. ft LEED certified mixed-use building with state-of-the-art infrastructure and a part of Oberoi Garden City (OGC). Sprawling across 80 acres, OGC has residential, retail, hospitality, commercial developments and the Oberoi International School.
“Attracting and retaining world-class talent continues to be a top priority for us. The new facility in Mumbai will provide us with the right infrastructure and resources to deliver an innovative workplace environment and promote increased productivity and engagement through efficient ways of working,” added Thomas Nides, Vice Chairman, Morgan Stanley.