Goldman Sachs (India) Securities Pvt Ltd has expanded its presence in Mumbai by leasing a 74,000 sq ft office space across two floors in Worli for the next 10 years, according to documents accessed by FloorTap.com. The company has secured units on the ninth and tenth floors of the commercial tower Ascentia directly from the project’s developer K Raheja Corp. The building, located on prime Annie Besant Road next to the Metro station, has 10 floors in total.
Goldman Sachs has been operating in India since the 1980s and opened a Mumbai office in 2006 after a 10-year joint venture. The firm has invested over $7 billion in India since 2006. Goldman Sachs will pay approximately Rs 300 crore in lease rentals over the initial 10 years for its new office space in the commercial tower Ascentia, which is expected to be completed within a year.
Key Terms and Conditions of the Lease Agreement
The lease agreement includes an annual escalation clause of 4.75% to increase rentals. The lease starts in August 2024 with a lock-in period of four years, providing the financial institution with a stable occupancy period. The office fit-out is expected to be completed by September 2025.
Flexible Lease Agreement Benefits Goldman Sachs in Mumbai
The lease agreement includes an option to extend the lease by an additional 10 years, which can be exercised in two five-year terms. This provides the financial institution with the flexibility to adapt to its future business needs and the evolving market conditions in Mumbai. By securing a long-term lease, Goldman Sachs can establish a stable and predictable workspace for its operations, reducing the risk of future relocations or lease negotiations.
Recent Office Space Transactions in Mumbai
Mumbai’s strong economic growth, coupled with its strategic location and well-developed infrastructure, has made it a prime market for businesses seeking premium workspaces. The recent lease agreement between Goldman Sachs and K Raheja Corp for a 74,000 sq ft office space in Worli is just one example of the sustained demand for commercial properties in Mumbai. As businesses expand and seek modern, efficient workspaces, the city’s office and commercial market is expected to remain robust and competitive.
In a recent transaction, Anupam Kher bought office space in Mumbai for ₹3.88 crore, this reflects the growing interest in commercial real estate within the city. In another major deal, Property Ventures has sold a 1.96-acre IT park in Malad for ₹335 crore.
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