Morgan Stanley has leased 3.35 lakh sq ft of office space in commercial tower Oberoi Commerz III in the Goregaon suburb of Mumbai for a long-term tenure from Oberoi Realty.

The space take up is in addition to Morgan Stanley’s earlier transaction of 1.1 million sq ft of office space in the same office tower.

In July 2020, the US-based bank finalised the deal to lease 1.1 million sq ft in this over 40-storey tower. Both the deals will have a total tenure of 9.5 years. It will be paying rentals of Rs 115 per sq ft per month, taking its total pay-out to nearly Rs 2,000 crore over the total tenure of the lease.

The construction of the tower is in an advanced stage and is expected to be completed by the end of Q1/2023. Morgan Stanley is expected to then take it up for fit-outs and to move in early 2024.

The upcoming tower is part of Oberoi Garden City. It is spread over 80 acres, which is a premium mixed-use development in Goregaon located adjacent to the upcoming Metro station. Commerz III is a 2.9-million sq ft mixed-use building, and with this deal, over half of the tower is already pre-leased.