US-based multinational bank Morgan Stanley on Monday said, “It has come into an agreement with Oberoi Realty to lease up to 1.1 million square feet of office space for 9.5 years from Oberoi Realty.”
In a statement issued, the company said, “The move is to consolidate Morgan Stanley’s Mumbai global in-house center (GIC) operations to a single campus in the city.”
“The new campus will be located at Oberoi Realty’s Commerz III building in Goregaon and will be ready in 2023,” it added.
Speaking on the statement, Robert Rooney, Global Head of Technology, Operations & Fusion Resilience, Morgan Stanley said, “The GICs are an integral part of our global business and they allow us to operate more efficiently and effectively as a firm. We believe that bringing together our Mumbai GIC operations into one centralized campus will catalyze for creating further agility and synergy across all the GIC functions. The investment is a testament to the Firm’s commitment to India and our staff.”
“Attracting and retaining world-class talent continues to be a top priority for us. The new facility in Mumbai will provide us with the right infrastructure and resources to deliver an innovative work environment and promote increased productivity and engagement through efficient ways of working,” Thomas Nides, Vice Chairman of Morgan Stanley said.
Adding to the statement, Vikas Oberoi, CMD of Oberoi Realty said, “Our relationship with Morgan Stanley goes back to 2007 and we are delighted to have them as our anchor tenant in this world-class building. This is one of the largest office space transactions ever and proves our ability to grow the commercial vertical in the coming years.”
“We are seeing major consolidation across all segments of the industry and well-capitalized players like us with a proven track record will continue to thrive in the toughest of circumstances. Our commitment to our annuity portfolio remains strong while we continue to capitalize on opportunities in the residential sector,” Vikas added.