In the largest commercial space transaction this year, global investment bank Morgan Stanley has picked up around 1.1 million sq ft office space on a long-term lease of 9.5 years at Oberoi Realty under-construction commercial tower Commerz III in Goregaon suburb of Mumbai.
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, which is currently under construction 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.