BlackRock leases 1.65 lakh sq ft office in Mumbai for GCC
BlackRock, the world's largest asset manager, has signed a 10-year lease for over 165,000 square feet of office space in Goregaon, Mumbai. The lease covers three floors in the Commerz III building, which is owned by Oberoi Realty. The monthly rent for this space exceeds Rs 20.6 million, making the total value of the lease nearly Rs 4 billion. The agreement includes a 15 per cent rental escalation every three years and a five-year lock-in period. This lease, effective from January, is a significant move in BlackRock’s expansion strategy in India, reflecting the company’s long-term commitment to the market.
In addition to the office space, BlackRock has secured exclusive access to more than 90 car parking spaces. Prior to this deal, the company had leased 42,700 square feet in the Worli locality of Mumbai in August.
Having operated in India since 2008, BlackRock provides a wide range of investment solutions in cities such as Mumbai, Gurugram, and Bengaluru. The new lease in Goregaon represents an important step in the company’s growth in India, further establishing its presence in the country’s financial landscape.
News source: Projects Today
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