Blackrock Leases 42,700 sq ft of Office Space in Mumbai's Worli for 5 Years
Blackrock Services India Pvt Ltd has leased 42,700 sq ft of office space in Mumbai's posh Worli for a monthly rent of Rs 300 per sq ft.
MumbaiOffice LeasingReal EstateTop DealsCommercial TransactionsReal Estate MumbaiAug 23, 2024
The 5-year lease that commenced August 1, 2024, will have a monthly rent of Rs 1.1 crore for the first eight months and Rs 1.28 crore for the next four months. Additionally, the rent will have an escalation of 10 percent in April 2026, five percent in 2027, and another five percent in 2028.
The office space is located on the 13th floor of the office tower Altimus developed by realty developer K Raheja Corp’s subsidiary Whispering Heights Real Estate. The company paid a security deposit of Rs 12.8 crore.
The lock-in period for the transaction is 36 months. A query sent to Blackrock did not get any response.
In one of the highest lease rental transactions in India, IMC Securities Pvt Ltd, a subsidiary of global trading company IMC Trading, leased an office complex in Mumbai's Bandra Kurla Complex for Rs 700 per sq ft in June 2024. The space is located on the 4th floor of Maker Maxity 4 North Avenue building and the lease period is set to start on June 16.
A recent report by real estate consultant ANAROCK said that in the first half of FY24, Grade A office rental values averaged Rs 83 per square foot per month across the top seven cities. Mumbai Metropolitan Region saw a monthly average office rental value jump from Rs 130 per sq ft in H1 FY23 to Rs 136 per sq ft in H1 FY24.
In May 2024, the Secretary of State of Foreign Commonwealth and Development Affairs (FCDA) of the UK government bought office spaces in Mumbai's commercial hub Lower Parel for Rs 101.2 crore.
About K Raheja Corp
K Raheja Corp is a leading real estate developer in India, with a strong presence in Mumbai and other cities. The company has developed several iconic projects, including the Altimus office tower in Worli.
About Blackrock
Blackrock is a global investment management corporation, with a presence in India through its subsidiary Blackrock Services India Pvt Ltd. The company provides investment management services to institutional and retail clients.
About ANAROCK
ANAROCK is a leading real estate consultant in India, providing services such as research, valuation, and transaction advisory.
Frequently Asked Questions
Who leased the office space in Mumbai's Worli?
Blackrock Services India Pvt Ltd leased the office space.
How much is the monthly rent for the office space?
The monthly rent is Rs 300 per sq ft.
What is the lock-in period for the transaction?
The lock-in period is 36 months.
Who developed the Altimus office tower?
K Raheja Corp's subsidiary Whispering Heights Real Estate developed the Altimus office tower.
What is the average office rental value in Mumbai Metropolitan Region?
According to ANAROCK, the average office rental value in Mumbai Metropolitan Region is Rs 136 per sq ft.
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