Morgan Stanley planning to give up some office space in Mumbai
New York-based Morgan Stanley reportedly has plans underway to give up some of the offices space which the company leases in Mumbai, after disposing off its wealth in India and domestic fund management business.
According to the information shared by unidentified sources on the condition on anonymity, one entire floor in Tower 2 of One Indiabulls Centre in Mumbai will likely be given up by Morgan Stanley. The company occupies two floors in the Tower.
With one complete floor in Tower 2 of One Indiabulls Centre to be reportedly given up by Morgan Stanley, one source has revealed that the company will probably take up more space in its existing offices in Mumbai and shift its staff – from the vacated office space at the One Indiabulls Centre – to those offices.
It was in 2010 that Morgan Stanley leases office space in the 20-storey One Indiabulls Centre, which is owned by Indiabulls Real Estate Ltd. While becoming a tenant in One Indiabulls, Morgan Stanley had said in a May 2010 statement that it was consolidating most of its businesses in a single location.
Towards that end, statistics from broker Cushman & Wakefield Inc. have revealed that office spaces in Mumbai are comparatively cheaper than those in Shanghai. The broker’s data showed that while rents in Mumbai’s central business district were $4.5 per sq ft in the January-March quarter, the rents in Shanghai were $6.61 per sq ft during the same period.
Source – Mint
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