2024-09-05 04:40:17
New Delhi: The world’s largest asset management company BlackRock Inc. has bought more than 42,700 square feet of office space in a premium commercial tower in Mumbai’s posh Worli area. The company has taken this space on a long-term lease of 5 years. The CEO of this company, Larry Fink, is considered the most powerful man in the world. The reason for this is that BlackRock manages more than $ 10 trillion in assets in the world. This amount is about two and a half times India’s GDP and half of America’s GDP. You can guess the status of BlackRock from the fact that this company handles 10 percent of the total shares and bonds of the world. BlackRock’s Indian unit BlackRock Services India has leased space in Mumbai. According to the deal, the company will pay rent at the rate of Rs 325 per square foot every month in the first year. There is a clause of 5% increase in rent in April 2025, 10% after one year and 5-5% in 2027 and 2028. The New York-based company has leased the space on the fourth floor of the commercial tower Ultimus directly from the project’s developer K Raheja Corp. According to documents obtained by real estate data analytics firm Propstack, the lease starts this month and has a lock-in period of 36 months. At the time of lease agreement registration in July, the company has paid a security deposit of Rs 12.8 crore, equivalent to 10 months’ rent.
Connection with Reliance
ET’s queries to BlackRock and K Raheja Corp remained unanswered till the time of going to press. New infrastructure connectivity in Worli and its surrounding areas is boosting office space deals, attracting businesses seeking better accessibility and modern amenities. The Mumbai Trans-Harbour Link and the Metro network are making the area more attractive for companies, including multinationals, looking to set up offices in prime locations with better amenities.
BlackRock wants to establish its presence in the rapidly growing financial markets in India. The company entered India in 2008. The company offers a variety of investment solutions including BlackRock mutual funds, exchange-traded funds and portfolio management services. The company provides services to both institutional and retail clients. It has offices in Mumbai, Gurgaon and Bengaluru. In July last year, Jio Financial Services and BlackRock announced a joint venture. The company plans to launch a digital first asset manager.