Oberoi Realty's Commerz III in Goregaon, Mumbai, is set to be finished by March 2024. Having already signed a lease deal for 1.6 million square feet with Morgan Stanley, the company expects to finalize deals for the remaining 2.4 million square feet in the next few months. Discussions are ongoing with various clients, including flex space providers, pharmaceutical firms, tech companies, and educational institutions. Commerz III offers diverse floor plate options, dedicated lift zones for larger clients, and extensive parking. Oberoi Realty also plans to include retail and amenities like food courts and gyms. The company emphasizes sustainability and green initiatives, showcasing its leadership in commercial real estate.
Oberoi Realty's Commerz III, located in Goregaon, Mumbai, is scheduled to complete development by March 2024. While 1.6 million square feet of space has already been leased to Morgan Stanley, the company anticipates closing deals for the remaining 2.4 million square feet in the next two to three months.
A spokesperson for the company confirmed to the media that they are in active discussions with clients who are keen to take up commercial space now that construction is nearing completion. The company is positive that they should be able to close deals for the remaining 2.4 million square feet in another two to three months. The company has received inquiries from a diverse range of clients, including flex space companies, pharmaceutical firms, technology companies, and educational institutions.
The total footprint of Commerz III is 4 million square feet chargeable, with 1.6 million square feet already leased. Commerz I and II account for an additional one million square feet, making it a five million square foot portfolio. The building offers various floor plate options ranging from 30,000 square feet to 90,000 square feet, catering to companies looking to consolidate their offices in Grade A commercial spaces. Commerz III comprises seven zones, with 54 lifts in the building. Larger clients receive a dedicated lift zone, and the building features four floors of parking.
In addition to office space, Oberoi Realty plans to introduce a significant retail area dedicated to commercial offices, including food courts, restaurants, a gymnasium, and other facilities. While the company has no concrete plans for other commercial land parcels in the city, the spokesperson stated that they are open to expansion in Delhi if a suitable opportunity arises. He also confirmed that the company does not have any plans as of now regarding Real Estate Investment Trusts (REITs).
The company is said to prefer greenfield projects as it gives them more control over design. Sustainability initiatives, such as reduced dependence on packaged water, waste management, and LEED Platinum certification, are also part of the company's plans.
In conclusion, Oberoi Realty's Commerz III development in Goregaon, Mumbai, is on the verge of a significant milestone, with its completion expected by March 2024. With 1.6 million square feet of space already leased to Morgan Stanley and active discussions underway with various clients, the company is confident about closing deals for the remaining 2.4 million square feet within the next two to three months. Commerz III, part of a five million square foot portfolio, offers a range of floor plate options and top-notch facilities. Oberoi Realty's forward-thinking approach extends to plans for a vibrant retail area within the complex, emphasizing sustainability and green initiatives. Oberoi Realty's dedication to design control and sustainable practices cements its position as a leader in the commercial real estate sector.
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