Blackrock leases 42,700 sq ft office space in Worli for 5 years

26 Aug 2024 CW Team

Blackrock Services India Pvt Ltd has secured a lease for 42,700 sq ft of office space in Mumbai's upscale Worli area. The lease, which began on August 1, 2024, is set at a monthly rent of Rs 300 per sq ft, according to documents obtained by data analytics firm Propstack.

For the first eight months, Blackrock will pay a monthly rent of Rs 11 million, which will increase to Rs 12.8 million for the following four months. The lease agreement also includes rent escalations of 10% in April 2026, followed by 5% increases in both 2027 and 2028.

The office space is situated on the 13th floor of the Altimus office tower, a property developed by K Raheja Corp's subsidiary, Whispering Heights Real Estate. The transaction comes with a lock-in period of 36 months, and Blackrock has provided a security deposit of Rs 128 million.

This lease adds to a trend of high-value commercial deals in Mumbai. For example, in June 2024, IMC Securities Pvt Ltd, a subsidiary of global trading firm IMC Trading, leased office space in Mumbai's Bandra Kurla Complex for Rs 700 per sq ft, marking one of the most significant lease transactions in India. Additionally, a recent ANAROCK report noted that Grade A office rental values in Mumbai averaged Rs 136 per sq ft per month in the first half of FY24, up from Rs 130 per sq ft in H1 FY23.

In May 2024, the UK government's Foreign, Commonwealth, and Development Affairs office purchased office space in Lower Parel, Mumbai's commercial hub, for Rs 1.01 billion. (moneycontrol)

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