On July 13, Morgan Stanley and Oberoi Realty announced that it had finished negotiations and reached a deal for Morgan Stanley to lease up to 1.1 million square feet office space for 9.5 years from Oberoi Realty. The new campus will be located at Oberoi Realty’s Commerz III building in Goregaon and is touted to be ready by 2023.
This move has been taken in order to consolidate Morgan Stanley’s Mumbai global in-house centre (GIC) operations to a single campus in the city. At the moment, GIC operations in Mumbai are delivered out of three locations. Morgan Stanley India GICs house functions across Technology, Operations, Fund Services and Finance, as well as specialized groups such as Legal and Compliance, Corporate Services, Human Resources Operations and Internal Audit amongst others
Robert Rooney, Global Head of Technology, commenting on the announcement, stated, “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 serve as a catalyst 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 workplace environment and promote increased productivity and engagement through efficient ways of working,” added Thomas Nides, Vice Chairman, Morgan Stanley.
Meanwhile, Vikas Oberoi, CMD, Oberoi Realty, stated, “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 in 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.”
Spread across 80 acres, the Oberoi Garden City is an exceptional one of its kind development in the city and a perfect example for the Walk to Work model with its residential, retail, hospitality, commercial developments and the Oberoi International School. Commerz III has been designed to curate a premium work environment for its residents with its highly efficient floor plates, roof-top terraces and the dynamic form of the tower which is touted to make it the iconic centrepiece of OGC.
Since 1993, Morgan Stanley has operated in India and is known for its premier institutional securities platform which offers a full range of investment banking, capital markets, equities, fixed income, private equity and derivative products, research, as well as growing Investment Management businesses.
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