The financial institution’s Indian subsidiary, Blackrock Services India, will pay a rent of Rs 325 per square foot per month for the first year of the lease. The agreement includes a clause to increase rents by 5% in April 2025, by 10% the following year and by 5% each in 2027 and 2028.
The New York-based company has leased space on the fourth floor of the Altimus commercial tower directly from the project developer, K Raheja Corp.
The lease agreement starts from this month and has a tenure period of 36 months, documents accessed through real estate data analytics firm Propstack show. The company has paid a security deposit worth 10 months’ rents totalling Rs 12.8 crore at the time of registration of the lease agreement which took place in July.
ET’s query to BlackRock and K Raheja Corp remained unanswered as of the time of writing.
New infrastructure connectivity in and around Worli is boosting office space transactions, attracting companies looking for better accessibility and modern facilities. For instance, the completion of the Mumbai Trans-Harbour Link (MTHL) and the upcoming metro network are making the area more attractive for companies, including multinationals looking to open offices in prime locations with better amenities. BlackRock has a significant presence in India with the aim of tapping into the country’s rapidly growing financial markets. Established in India in 2008, BlackRock engages in investment solutions, including mutual funds, exchange-traded funds (ETFs), and portfolio management services, catering to both institutional and retail clients. It has offices in Mumbai, Gurgaon, and Bengaluru. Despite the sluggish global economy, India’s office sector has seen sustained growth in demand, reflecting strong market fundamentals and resilience in the face of global challenges.
According to recent data, the office market achieved its best first half in history with gross leasing at 33.5 million square feet, up 29% from a year ago, surpassing the previous first-half record of 30.71 million square feet seen in 2019.
The notable growth in office rentals underscores the confidence in India’s commercial real estate market and its ability to attract significant investment despite broader economic uncertainties. This trend is expected to continue, driven by robust demand from various sectors and favourable market conditions.
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