In a landmark deal within Mumbai’s commercial real estate market, Blackrock Services India Private Limited has leased a sprawling 42,700 sq ft office space in Worli.
The premium property, located in the prestigious Raheja Altimus building, has been leased from Whispering Heights Real Estate Private Limited, a joint venture between K Raheja Corp Group and Singapore’s sovereign wealth fund GIC, for a significant monthly rent of INR 1.28 crore. This high-value lease agreement was formalised with a substantial security deposit of INR 12.81 crore, according to property registration documents accessed by Propstack. The transaction, which was officially registered on 18th July 2024, reflects the robust demand for prime commercial spaces in Mumbai, especially in sought-after areas like Worli.
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, comes with a rental escalation clause that increases the monthly rent incrementally over the five-year period. Starting at INR 300 per sq ft, the rent will rise to INR 314 in August 2025, and further to INR 329 in August 2026. Additionally, the security deposit will see an increase to INR 14.72 crore by August 2027.
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 centres.
