Nielsen Media and its subsidiary, Whats On India Media Pvt Ltd, have leased a substantial 1.52 lakh square feet of commercial space in Commerz III, International Business Park, Oberoi Gardens, Mumbai. The lease agreement, with a starting monthly rent of ₹3.87 crore, spans ten years, highlighting a significant investment in premium office space.

The first part of the agreement covers 39,852 square feet on the 35th floor of Commerz III, leased by Whats On Media Pvt Ltd. This space commands a starting monthly rent of over ₹1 crore, which translates to ₹252 per square foot. The agreement includes a security deposit of over ₹8 crore and 46 car parking spots, four of which are payable at ₹5,000 per spot.

The second part of the agreement involves Nielsen India Media Pvt Ltd leasing 112,404 square feet across the same building’s 36th, 37th, and 38th floors. This lease agreement was registered on July 9 and features a starting monthly rent of ₹2.87 crore, with a security deposit of ₹22.9 crore. The rent for these floors is set at ₹255 per square foot, and the agreement includes 122 free car parks and an additional 11 car parks leased at ₹5,000 per spot.

Commerz III is part of Oberoi Realty’s International Business Park in Goregaon East, Mumbai. This park also includes Commerz I, integrated with a hotel and has 17 offices, and Commerz II, which consists of 30 floors. These buildings have been successfully leased out, indicating a strong demand for high-quality office spaces in the area.

This leasing activity follows other significant transactions in Mumbai’s commercial real estate market. Recently, Unity Small Finance Bank purchased commercial properties in deals valued around ₹400 crore in two locations. Additionally, Red Fox IT Infra LLP, a subsidiary of Redbrick Offices, acquired 22 office spaces totalling 87,618 square feet in Andheri for ₹267 crore.

The trend of leasing premium office space reflects the growing demand for high-quality commercial real estate in Mumbai, driven by companies seeking to establish a strong presence in the city. With the new leases in Commerz III, Nielsen Media and its subsidiary are poised to benefit from the strategic location and modern amenities offered by Oberoi Realty’s premier business park.

Nielsen Media’s Strategic Move

Nielsen Media’s decision to lease such a large space underscores its commitment to expanding its operations in India. The substantial security deposits and high rental rates indicate confidence in the location’s potential to support the company’s growth and operational needs.
Market Impact

These high-profile leases contribute to Mumbai’s robust commercial real estate market, which continues to attract major investments. As companies like Nielsen Media and Whats On India Media Pvt Ltd secure premium spaces, it sets a benchmark for future transactions and underscores the importance of quality infrastructure and strategic locations in driving business success.

Bottom Line

The leasing of 1.52 lakh square feet by Nielsen Media and its subsidiary in Commerz III marks a significant development in Mumbai’s commercial real estate sector. With a focus on premium office spaces and strategic growth, this move highlights the dynamic nature of the market and the ongoing demand for high-quality commercial properties in India’s financial capital.