MetLife has leased 58,290 sq ft at Oxygen Business Park, Noida, strengthening its GCC footprint in NCR. The deal follows large office transactions by EY GDS, IBM, and Eternal Ltd. Stable rentals near ₹56–57 per sq ft and structured escalations highlight sustained demand for Grade A office space.
MetLife has expanded its India footprint with a fresh lease at Oxygen Business Park (Tower 3) in Sector 144, Noida. The insurer’s global capability centre (GCC) has taken up the 12th and 13th floors, covering 58,290 sq ft of carpet area and 74,732 sq ft of chargeable area. The agreed rental is around ₹56 per sq ft per month, with a 15% escalation every 3 years, according to property documents.
The lease commenced on October 1, 2025, with rent payments scheduled to begin on July 1, 2026. The company has deposited ₹2.51 crore as security. This move builds on MetLife’s existing presence of approximately 2.91 lakh sq ft in Tower 2 of the same business park, which has been occupied since 2020. The latest transaction signals a long-term commitment to Noida as a strategic GCC hub.
Embassy Asset Continues to Attract Global Tenants
Oxygen Business Park is part of the portfolio of Embassy Office Parks Real Estate Investment Trust, one of India’s largest listed REITs. The asset has steadily drawn multinational occupiers seeking Grade A infrastructure, scalable floor plates, and connectivity to Delhi and Greater Noida.
MetLife could not be reached for comment. Queries have been sent to Embassy REIT, and updates are awaited. However, the scale and structure of the deal reflect confidence in the asset’s long-term viability and the region’s office fundamentals.
EY GDS Locks in 1.72 Lakh Sq Ft
In December 2025, EY Global Delivery Services India LLP leased four floors spanning 1.72 lakh sq ft in Tower 2 of the same park. The five-year lease, running from July 1, 2025, to June 30, 2030, was signed at a monthly rent of ₹98.52 lakh.
The space includes 37,508 sq ft at the podium level, 42,160 sq ft on the second floor, and 46,583 sq ft each on the third and fourth floors. The agreed rental is around ₹57 per sq ft, with a 15% escalation after 3 years. EY GDS has paid a security deposit of ₹5.91 crore, reinforcing the trend of enterprise-grade leasing backed by strong covenants.
NCR Sees Parallel Big-Ticket Deals
The broader NCR market is also witnessing large-scale commitments. In January 2026, IBM India Private Limited leased 2.3 lakh sq ft of office space in Gurugram in a 10-year deal valued at ₹180 crore, according to documents accessed by Propstack.
Meanwhile, Eternal Ltd, the parent company of Zomato, secured seven floors totalling 2.78 lakh sq ft in the same IT park, at a monthly rent of ₹2.33 crore. The lease commenced in October 2025 and includes the ground floor along with floors four to nine.
What This Means for the Flex and GCC Market
These back-to-back transactions underline a clear trend: global capability centres and large enterprises are consolidating into institutional Grade A assets with predictable escalation clauses and long tenures. Rentals hovering around ₹56–57 per sq ft in Noida’s Sector 144 suggest pricing stability even amid rising demand.
For the flexible workspace and managed office ecosystem, this signals an opportunity. As anchor tenants expand, ancillary demand for satellite offices, flex suites, and enterprise coworking is likely to grow in parallel. Sector 144 is steadily positioning itself as a serious competitor to Gurugram’s established office corridors, strengthening NCR’s overall office absorption story.
