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Nielsen Media and its subsidiary Whats On India Media are scaling up in Mumbai with a significant office space lease. Located in Commerze III, International Business Park, Oberoi Gardens, Goregaon East, the lease spans 1.52 lakh square feet. Whats On India Media secures 39,852 square feet on the 35th floor, including part of the terrace, with 42 parking slots. Monthly rent is INR 1.004 crore, backed by an INR 8.03 crore security deposit. Nielsen Media leases 1.12 lakh square feet across the 36th-38th floors and terrace, with 122 free parking slots. Monthly rent for their space totals INR 2.87 crore.
Nielsen Media, a media management company, is expanding its presence in Mumbai with a significant office space lease. The company, along with its subsidiary Whats On India Media, has leased a combined 1.52 lakh square feet of office space in a prime location. Advertisement
The new office space is situated in Commerze III, International Business Park, Oberoi Gardens in Goregaon East. This strategic location offers easy access to the Western Express Highway, a major Mumbai thoroughfare. The lease agreement is for a 10-year period, with the licence commencement date set for January 1, 2025.
Whats On India Media, a subsidiary of Nielsen Media, has leased 39,852 square feet on the 35th floor of the building, including a portion of the terrace. This space will come with 42 car parking slots for employees. The monthly rent for this space is INR 1.004 crore and the deal comes with a security deposit of INR 8.03 crore.
Nielsen Media itself has leased a larger space, encompassing the entire 36th, 37th, and 38th floors, along with a portion of the terrace. This brings the total leased area for Nielsen Media to roughly 1.12 lakh square feet. The company will also benefit from 122 free car parking slots. The monthly rental for this space is around INR 2.87 crore.
This large-scale office space lease, totaling INR 3.87 crore in monthly rent, signifies Nielsen Media's commitment to growth in the Mumbai market. The company's expansion plans likely require additional space to accommodate its operations and workforce.
The Nielsen Media deal is another example of the reviving office space market in Mumbai. Other recent significant deals include Tata Digital renewing its headquarters lease for INR 2.98 crore monthly and Unity Small Finance Bank acquiring commercial space in Santacruz East for INR 227 crore. Bollywood actor Amitabh Bachchan also recently purchased three office units in Mumbai for around INR 60 crore. This suggests a growing confidence in the city's commercial real estate sector.
The documents accessed by real estate data analytics firm CRE Matrix.com showed that there will be a rent escalation of 15% at the end of every 36 months. While the exact starting monthly rent is not publicly available, this deal highlights the continued importance of Mumbai as a key business hub in India, attracting major companies and driving growth in the commercial real estate market. Neither the licensor (Oberoi Realty) nor the licensee (Nielsen Media and Whats On India Media) have commented on the details of the agreement.
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