Blackrock Services India Private Limited has secured a prime office space in Worli, Mumbai, in a landmark deal that reflects the robust demand for commercial real estate in the city. The company has leased a sprawling 42,700 sq ft office space in Raheja Altimus, a prestigious commercial complex developed by Whispering Heights Real Estate Private Limited, a joint venture between K Raheja Corp Group and Singapore’s sovereign wealth fund GIC.
The lease agreement, valued at INR 1.28 crore per month, was finalized with a substantial security deposit of INR 12.81 crore. The transaction was officially registered on 18th July 2024, underscoring the strong demand for high-quality commercial spaces in Mumbai’s prime locations. The leased office space is situated on the 13th floor of Raheja Altimus, with the chargeable area divided into two portions—37,487 sq ft and 5,213 sq ft, respectively. The lease, spanning from August 2024 to July 2029, includes a rental escalation clause that increases the monthly rent incrementally over the five-year period.
Raheja Altimus, a state-of-the-art commercial complex spread across 3.10 acres with a total leasable area of 1.12 million sq ft, continues to attract major corporations. Blackrock joins an impressive roster of tenants that includes global financial giants like Morgan Stanley, which leased 86,200 sq ft of space in October 2022, and Barclays, which secured 64,995 sq ft in January 2024 at a starting monthly rent of INR 2.08 crore. In a separate high-profile transaction, Agni Commex LLP leased 5,830 sq ft in Maker Maxity 4, a commercial office space in Bandra Kurla Complex (BKC), for INR 700 per sq ft per month in June 2024.
This deal, along with others like Nielsen Media’s lease of 1.52 lakh sq ft in Oberoi Realty’s Commerze III, underscores the dynamic nature of Mumbai’s commercial real estate market. According to a recent report by Knight Frank India, the office space market across India’s top eight cities recorded its highest-ever transaction volume of 34.7 million square feet in H1 2024, reflecting a sustained demand for quality office spaces in key urban centers.
