Global asset management firm BlackRock leases office space in Mumbai’s Worli
BlackRock Inc. has picked up over 42,700 sq ft office space in a premium commercial tower in central Mumbai’s plush Worli locality through a long-term lease of five years.
The financial institution’s India arm Blackrock Services India will be paying rental of Rs 325 per sq ft a month in the first year of the lease. The agreement includes a clause to escalate rentals by 5% in April 2025, by 10% a year after that and 5% each in 2027 and 2028.
The New York-headquartered company has leased the space on the 4th floor of the commercial tower Altimus directly from the project’s developer K Raheja Corp.
The lease starts from this month and has a lock-in period of 36 months, showed documents accessed through real estate data analytics firm Propstack. The company has paid security deposit worth rentals of 10 months totaling Rs 12.8 crore at the time of the lease agreement registration that took place in July.
ET’s query to BlackRock and K Raheja Corp remained unanswered until the time of going to press.
New infrastructure connectivity in and around Worli is driving office space deals, attracting businesses seeking enhanced accessibility and modern facilities. For instance, the completion of the Mumbai Trans-Harbour Link (MTHL) and upcoming metro network is making the area more appealing to companies including multinationals looking to open offices in prime locations with better amenities.
BlackRock has a significant presence in India aiming to tap into the country’s rapidly growing financial markets. Established in
