MUMBAI: Global investment bank Morgan Stanley is picking up nearly 800,000 sq ft of commercial space in Oberoi Realty’s Commerz project in Goregaon suburb of Mumbai, people aware of the development said, in what is being billed as one of the largest built-to-suit office space deals in the country. The deal is for 15 years, including a 10-year fixed term and an option to avail an extension for the balance period, the people cited earlier told ET, requesting not to be named. The lease rental for the space is set at Rs 120 per sq ft, taking the annual lease amount to over Rs 115 crore per year, a record, they added. For the fixed term of 10 years, the rental outgo is estimated to be more than Rs 1,150 crore. The agreement also has a rental reset clause which will kick in every three years with 10% upward revision, the sources said. The deal assumes significance not only for the size but also because Morgan Stanley has pre-committed to the under-construction office space as against the usual practice of leasing ready properties. “Morgan Stanley is planning to consolidate its back office operations at one location here in this office… Read full this story
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