Blackrock Services India Pvt Ltd has leased 42,700 sq ft of office space in Mumbai’s upscale Worli area at a monthly rent of ₹300 per sq ft, according to documents from Propstack.
The 5-year lease, which began on August 1, 2024, will cost ₹1.1 crore per month for the first eight months, increasing to ₹1.28 crore thereafter. The rent will rise by 10% in 2026, and by 5% in both 2027 and 2028.
The office is located on the 13th floor of the Altimus tower, developed by K Raheja Corp’s subsidiary. Blackrock paid a ₹12.8 crore security deposit and committed to a 36-month lock-in period.
This lease is part of a trend of high-value commercial property deals in Mumbai. For instance, IMC Securities Pvt Ltd leased space in Bandra Kurla Complex for ₹700 per sq ft in June 2024.
Additionally, in May 2024, the UK government’s Foreign Commonwealth and Development Affairs office purchased space in Lower Parel for ₹101.2 crore.
Real estate consultant ANAROCK reported that in the first half of FY24, the average monthly rent for Grade A office spaces in major cities was ₹83 per sq ft, with the Mumbai Metropolitan Region seeing an increase from ₹130 to ₹136 per sq ft.
