Deloitte leases 80,000 sq ft in Oberoi Commerz Mumbai at monthly rent Rs.2.09 crore

Deloitte Shared Services India LLP has rented 80,849 sq ft of office space in the Oberoi Commerz III building in Mumbai, with a monthly rent of Rs.2.09 crore, as per the leave and license agreement provided by Propstack.

According to the documents, a two-story space has been rented for five years. The agreement states that there will be an increase of 15% in rent after three years from the beginning. Initially, the monthly rent amounts to Rs.258 per sq ft per month.

Previously, IDFC First Bank leased four floors, covering 1.64 lakh square feet, in Oberoi Garden City located in Mumbai's Goregaon East suburb, according to property registration documents obtained from the real estate portal FloorTap.com.

The agreement also includes parking for 165 cars in Commerze III of the business hub, with an initial monthly rent of ₹3.85 crore, or ₹233 per square foot, as per the documents. The terms stipulate a 15% rent escalation after 36 months from the start of the license. The 5-year lease will commence on January 15, 2025.

In July, Nielsen Media and its subsidiary, Whats On India Media Pvt Ltd, leased 1.52 lakh sq ft of commercial space in Commerze III, International Business Park, Oberoi Gardens, a project by Oberoi Realty in Mumbai, with an initial monthly rent of Rs.3.87 crore for a 10-year term.

The initial agreement covered 39,852 sq ft on the 35th floor of Commerz III, International Business Park, Oberoi Garden, Goregaon East, Mumbai. It was signed between Oberoi Realty and Whats On Media Pvt Ltd. The starting monthly rent exceeds Rs.1 crore, calculated at Rs.252 per sq ft. A security deposit of over Rs.8 crore was paid, as detailed in the Leave and License agreement.

Oberoi Realty's International Business Park consists of three commercial buildings: Commerz 1, which is integrated with the hotel development and features 17 floors of office space, and Commerz 2, a 30-story building. Both buildings have been leased out.

Commerz III is a 51-story commercial development situated in the International Business Park at Oberoi Garden City. Global investment bank Morgan Stanley occupies 1.6 million square feet on the lower floors of the building.

Additionally, co-working firm WeWork India recently renewed its lease for 140,000 square feet of office space in the adjacent Nesco IT Park, with a monthly rental of Rs.2.25 crore. The agreement also included a stamp duty of Rs.37.93 lakh.