• MindCept

Morgan Stanley to lease up to 1.1 million sq ft office space from Oberoi Realty

Morgan Stanley and Oberoi Realty, on July 13, announced that it had 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.

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), the flagship project of ORL. It is spread across 80 acres. 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.”


“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.

“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,"said Vikas Oberoi, CMD, Oberoi Realty. “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,” he said.


Supporting Morgan Stanley’s global Institutional Securities, Wealth Management and Investment Management businesses, the firm established the Mumbai GIC in 2003 and the Bengaluru GIC in 2014. Morgan Stanley India GICs house functions across technology, operations, fund services and finance, as well as specialized groups such as legal and compliance, corporate services, human resources operations and internal audit amongst others.


Source: https://www.moneycontrol.com/news/business/real-estate/morgan-stanley-to-lease-up-to-1-1-million-sq-ft-office-space-from-oberoi-realty-5540691.html

July 13, 2020

0 views
Mindcept-Logo.png

© MINDCEPT CONSULTING

  • Black LinkedIn Icon

DISCLAIMER: The information contained in this website is offered for illustration purposes only and is general information. We make no representations or warranties of any kind (express or implied) with respect to the information, products, services, statements, figures, calculations, plans, images, logos, related graphics and are purely indicative in nature only. Whilst all reasonable care has been taking in providing all information, however, We or / and our related companies or/ and our representatives, consultants or / and our agents accept no responsibility for its completeness, accuracy, reliability, suitability or availability of any information contained herein for any action taken in reliance thereon by any party. Any reliance on information as contained in this website does not constitute an offer, inducement, representation, warranty or contract and may be relied upon at one’s risk and consequences.