Morgan Stanley Advantage Services renews its lease for commercial office space in Bengaluru
Morgan Stanley Advantage Services has renewed its lease for commercial office space in Bengaluru for about 136,000 square feet.
The property, in Ecoworld on Outer Ring Road, was leased from RMZ Corp for 120 months with 15% escalation every three years.
The company will pay a rent of Rs 116 per sq ft during the lease tenure, as per the lease renewal document shared by Propstack.
Morgan Stanley is also preparing to relocate its existing India headquarters, operational for 13 years, to a larger office space in Mumbai, said people aware of the matter.
The move reaffirms the American investment bank and financial services company’s growing headcount and footprint in the country.
The company, which has operated in the country for about three decades, will relocate to a new office spread over about 86,000 sq ft in Altimus Worli. The new office, spread over two floors, will replace its current premises of 65,000 sq ft in One World Center, owned by Blackstone Inc.
In spite of global macroeconomic challenges, office leasing activity in India increased 12% quarter-on-quarter to 13.9 million sq ft in April-June. Bengaluru, Chennai and Pune accounted for 59% of the overall transaction activity during the quarter. However, during the first half of 2023, absorption declined 12% year-on-year to about 26.4 million sq ft, according to CBRE.
