Real Estate

Morgan Stanley will lease up to 1.1-million sq feet office space from Oberoi Realty

Our Bureau Mumbai | Updated on July 13, 2020

To consolidate Mumbai Global In-house Centre operations to a single campus

Morgan Stanley will lease up to 1.1 million sq feet office space for 9.5 years from Oberoi Realty.

This is being done 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. Currently GIC operations in Mumbai are delivered out of three locations.

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 centralised 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.”

Right infrastructure

“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.

Vikas Oberoi, CMD, Oberoi Realty, said, “ This is one of the largest office space transactions ever and proves our ability to grow the commercial vertical in the coming years. 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 capitalise on opportunities in the residential sector.”

Commerz III is a 2.3-million sq. ft LEED certified mixed-use building and a part of Oberoi Garden City (OGC), the flagship project of ORL.

Published on July 13, 2020

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