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RMZ Corp. had earlier sold 12.5 million square feet of assets to Brookfield for $2 billion.
In a significant move, Morgan Stanley Advantage Services has chosen to extend its lease for a sprawling 136,000-square-foot commercial office space in Bengaluru. This remarkable property, situated in the bustling Ecoworld on Outer Ring Road, Sarjapur, was secured from RMZ Corp for an impressive term of 120 months. The agreement comes with an interesting feature: a 15 percent escalation in rent every three years. The property, owned by Artiga Ecoworld Infrastructure Private Limited, now stands as a testament to Morgan Stanley's commitment. The deal also saw a substantial security deposit of Rs 9.4 crore being made, as revealed by official documents.
The lease pact has been inked with Artiga Ecoworld Infrastructure, a name that has gone through a series of changes—originally known as Adarsh Prime Projects Private Limited, then RMZ Ecoworld Infrastructure Private Limited, and now Artiga Ecoworld. This property, classified as a special economic zone, features a monthly rent of Rs 116 per square foot for the complete lease tenure, as Propstack's lease renewal document reveals. Furthermore, an interesting addendum grants Morgan Stanley access to a generous count of 177 car parking spaces. As the industry evolves, Morgan Stanley and Brookfield were reached out to for comments via email. Brookfield, however, refrained from commenting on the matter.
Meanwhile, in another strategic move, Morgan Stanley is gearing up to make a shift to a more expansive office space in Mumbai, marking a significant milestone for the company. This new office, spanning an impressive 86,000 square feet, will be situated in Altimus Worli. A noteworthy detail is that this space spans across two floors, replacing the current premises spanning 65,000 square feet in One World Centre, owned by Blackstone Inc. Notably, this relocation mirrors Morgan Stanley's trajectory of growth and progress in India. The company, with a presence spanning nearly three decades, is showcasing its unwavering commitment to expanding its reach and operations within the country.
Amidst the backdrop of global economic dynamics, India has experienced a notable uptick in office leasing activity. Impressively, there was a 12 percent quarter-on-quarter surge to reach 13.9 million square feet during April–June. Contributing significantly to this growth were key cities like Bengaluru, Chennai, and Pune, which collectively accounted for 59 percent of transaction activities in the quarter. However, CBRE data suggests a 12 percent year-on-year absorption dip during the first half of 2023, settling at approximately 26.4 million square feet.
In a noteworthy turn of events in 2020, Bengaluru-based RMZ Corp., a privately owned real estate investment, development, and management firm, announced the sale of a substantial 12.5 million square feet of its 67 million square feet of real estate assets. This strategic decision was carried out through a fund managed by none other than the esteemed Brookfield Asset Management, amounting to an impressive $2 billion (roughly Rs 14,680 crore).
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