Mumbai, August 2024: In a notable real estate deal, Blackrock Services India Private Limited has secured a 42,700 sq ft commercial space in Worli's Raheja Altimus for a monthly rent of ₹1.28 crore. The property is leased from Whispering Heights Real Estate Private Limited, a joint venture between K Raheja Corp Group and Singapore's sovereign wealth fund, GIC.
The lease agreement, registered on July 18, 2024, spans five years from August 2024 to July 2029. As part of the deal, Blackrock has paid a hefty security deposit of ₹12.81 crore. The leased space is located on the 13th floor of Raheja Altimus, comprising two portions with chargeable areas of 37,487 sq ft and 5,213 sq ft, respectively.
The initial rent is set at ₹300 per sq ft, totaling ₹1.28 crore per month. The agreement also includes a rent escalation clause, with the rate increasing to ₹314 per sq ft in August 2025 and ₹329 per sq ft in August 2026. The security deposit is also set to increase to ₹14.72 crore in August 2027.
Raheja Altimus is a prominent commercial building spread across 3.10 acres with a total leasable area of 1.12 million sq ft. The building houses several major corporate offices. Recent leasing activity includes Morgan Stanley renting 86,200 sq ft at ₹325 per sq ft in October 2022 and Barclays securing 64,995 sq ft for five years at a starting monthly rent of ₹2.08 crore in January 2024.
Attempts to reach Whispering Heights Real Estate Private Limited and Blackrock Services India Private Limited for comments were unsuccessful.
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