In one of India’s largest real estate deals in 2024, Morgan Stanley has signed a lease for 1.1 million square feet of office space in Mumbai’s Goregaon suburb. The almost 10-year lease, valued at over ₹2,122 crore, covers 16 Oberoi Commerz III tower floors, a prominent mixed-use commercial building. According to The Economic Times, this marks the largest office space lease by any company in India this year.

Morgan Stanley completed the deal through its India arm, Morgan Stanley Advantage Services. The agreement was set in motion in July 2020, during the height of the COVID-19 pandemic, when the U.S.-based bank first committed to leasing space in the 40-story tower. After extensive negotiations, the transaction was officially registered in late August 2024.

The firm has paid a security deposit of ₹104.9 crore, making this a landmark deal in Mumbai’s commercial real estate market. The Oberoi Commerz III tower is part of the larger Oberoi Garden City, a 2.9 million square feet mixed-use development spread across 80 acres. Its strategic location, close to an upcoming metro station, adds to its appeal for businesses.

This transaction highlights a growing trend of significant office space leasing in India. According to a Knight Frank India report, approximately 45% of total office space demand in the first half of 2024 came from large workspaces exceeding 100,000 square feet. Transactions in this segment reached 15.69 million square feet between January and June. Medium-sized spaces of 50,000 to 100,000 square feet contributed 21%, or 7.28 million square feet, of total office leasing during the same period.

Morgan Stanley’s major investment in office space reflects the rising demand for premium, large-scale workspaces in India’s major cities as global and domestic firms expand their operations. With the completion of this deal, Mumbai continues to cement its status as a key commercial hub, attracting top-tier multinational corporations.