Large Scale Office Lease Deals in Mumbai

Morgan Stanley and Oberoi Realty have 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. The move is 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. In another announcement, Online video streaming platform Netflix has signed a flexible workspace deal for an entire floor at WeWork’s Nesco coworking centre in Goregaon, Mumbai. The transaction for 8,860 square feet, for about 320 seats, was signed on June 30. It will be used to execute visual effects work – which is seeing increased demand in the country -- along with another company, Anibrain. Earlier this year, the flexible spaces operator WeWork had signed a large deal with Commonwealth Bank of Australia and China’s ByteDance, across Bangalore and Mumbai.