BUSINESS
The audit major has signed a memorandum of understanding (MoI) with Indiabulls Real Estate (IBREL) to lease up to 2 lakh square feet commercial space at the developer’s property in Lower Parel.
Deloitte Touche Tohmatsu, a leading global accounting, consulting and advisory firm, is all set to shift its Mumbai headquarters to Indiabulls Financial Centre Tower III.
The audit major has signed a memorandum of understanding (MoI) with Indiabulls Real Estate (IBREL) to lease up to 2 lakh square feet commercial space at the developer’s property in Lower Parel.
The deal will translate into rents of Rs2.6 crore per year.
Deloitte’s commercial leasing is the biggest transaction Mumbai in the last six months and the biggest in the Lower Parel area this year.
The commercial real estate in the city, which saw some big transactions happening in the first half of the year, did not see any big ticket deals in the second half.
Sources said that Deloitte is all set to take 2 lakh square feet on lease at the IBREL property.
An IBREL spokesperson refused to comment on the deal, as the Jupiter Mills and Elphinstone Mills properties come under its Singapore-listed real estate investment trust (Reit) arm, Indiabulls Property Investment Trust (IPIT).
A source close to the transaction said, “At present they (Deloitte) will occupy close to 1.85 lakh sq ft and have the option to increase it to 2 lakh sq ft.
“The transaction has happened at Rs130-145 per sq ft. They have a lot of offices scattered over the city including the one at Praful Estate and they have acquired a lot of small companies in last few years. So, now they will
be consolidating everything and everyone will work under one roof,” the source told DNA.
“The tower has been already given for fit-outs and interior works are going on.” the source said.
An official from IBREL, who did not wish to be named, confirmed the transaction.
Deloitte refused to comment on the deal.
Morgan Stanley had signed a deal early this year to shift to Indiabulls Financial Centre (IFC). That office will become the company’s India headquarters. The investment bank had signed a deal for 120,000 sq ft, accommodating two floors.
Yes Bank is also looking at leasing out close to 1lakh sq ft at the IFC tower II.
The rate for Grade A office space in Eastern Business District (EBD) which consists of the Lower Parel belt, had a price tag of Rs165 per sqaure foot in the September 2010 quarter, as compared to `175 per sqaure foot in the previous quarter.
Ernst and Young, another taxation and consulting major, is also moving its headquarters to Ruby Mills near Dadar where they will be renting close to 150,000 sq ft and will be shifting early next year. At present the company is working out of various offices across the city and thus, looking at consolidating under one roof.
One of the biggest leasing transactions of this year also includes L&T Infotech’s leasing of 300,000 sq ft in Airoli.
“Commercial realty prices are expected to move up from second half of next year that too only in micro-markets so there is no hurry for buyers to rush in. But right now, across the city big ticket deals are being sought,” a realty consultant said.
'BJP-led NDA works for Santushtikaran, not Tushtikaran': PM Modi in Rajya Sabha
DP World ILT20 2025: Dubai Capitals clinch last ball thriller against Desert Vipers to reach final
Jeet Adani-Diva Shah wedding: First pic from Gautam Adani's mansion OUT as wedding festivities begin
Sunita Williams’ Spacewalk: A Record-Breaking Mission and a Stunning Selfie from Space
IND vs ENG: Ravindra Jadeja creates history in Nagpur, surpasses James Anderson to become....
Can IAS officers change cadres after marriage? Here's what rules say
Pavan Kumar Joshi innovates unemployment benefits payment security
Anil Ambani's company's share price surges over 6 per cent after it earns profit of Rs...
Why Dale Bhagwagar is Bollywood's only PR guru
Meet Anjum Khan, wife of cricket star Shivam Dube, her net worth is Rs...
IAF Mirage 2000 fighter aircraft crashes in MP's Shivpuri during training sortie
Meet IAS Tina Dabi's mother, who cleared UPSC to become IES, later resigned due to...
Good news for Infosys employees! Company to roll out annual hike letters by end of...
BIG win for India's largest govt bank, earns Rs 16891 crore profit in just...
Ajith Kumar's fans celebrate, throng theatres after Vidaamuyarchi's worldwide release: Watch
Purnam’s Spring Edit: Where heritage meets handcrafted luxury
RTPS Bihar: Apply for income, caste, and domicile certificates
'Welfare of students very close to Government's heart': EAM Jaishankar in Rajya Sabha
IND vs ENG: Why is Virat Kohli not playing 1st ODI vs England in Nagpur?
Man's love for Indian wife knows no bounds, makes dosa batter from scratch, video goes viral
Meet woman, CRPF officer, who cracked UPSC exam in first attempt, became...
Trump administration plans to pressure the IOC to come up with a uniform transgender athlete ban
PM Modi's 'Pariksha Pe Charcha' to feature Deepika Padukone, Mary Kom, Sadhguru among others
Why speed matters: Ajay Chava on overhauling CI/CD pipelines for modern development
What does "i" stands for in iPhone, iPad, and other Apple products? Check here to know
Meet Pakistani actress whose leaked private video went viral, often shares bold photos, she is..
Isha Ambani's Reliance Retail's Tira to face HUGE competition from Ananya Birla's..., know details
Shah Rukh Khan hugs Aamir Khan at Loveyapa screening, fans say '90s' kids can fly now': Watch
Meet Diva Shah, daughter of diamond tycoon, she is set to marry Gautam Adani’s son Jeet Adani on...
After US, Israel halts participation in UN Human Rights Council
Sanam Teri Kasam actress Mawra Hocane ties the knot with Pakistani star Ameer Gilani, see photos
Meet woman who left MNC job to pursue her uncle’s dream, later cracked UPSC to become IPS officer
Mukesh Ambani buys India’s first bulletproof Rolls-Royce Cullinan, Its price is Rs....
Anil Ambani meets Maharashtra CM Devendra Fadnavis as his Rs 16015 crore company is looking for...
DNA TV Show: What is US President Donald Trump's Gaza plan?
Anil Ambani's company's BIG win, reports Rs 420000000 profit in 3 months, its business is...
US President Donald Trump invites PM Modi on working visit to White House next week
Watch: Malaika Arora's 'oops moment' in short dress caught on camera, video viral
Little girl's adorable dance to 'Maula Mere Maula' captivates netizens, WATCH viral video
India beats China to become world’s second-largest market for...
'Recipe for generating chaos...': World reacts to Donald Trump's plan of US 'taking over' Gaza
When Arjun Kapoor was ignored by Janhvi Kapoor, Shikhar Pahariya; old video sparks reactions
Superboys of Malegaon: Adarsh Gourav, Vineet Kumar Singh, Shashank Arora's film to release on...
Meet Amitabh Bachchan's 'daughter-in-law', big star in South but gave 11 flops, now she is...
Anil Ambani's luxury home costs same as Mumbai's traffic control budget, it is worth Rs...
This Maths genius worked with IIT and NASA, suddenly went missing, later found in...
Aly Goni walks out of Shahid Kapoor's Deva for this shocking reason: '5000 ki tickets le ke...'
'I'm not here to....': Rohit Sharma breaks silence on retirement rumours after Champions Trophy 2025
Meet woman, likely heir to multi-billion dollar Tata group, Ratan Tata was her....
Finance Ministry asks employees to stop using THESE AI tools, know why
Delhi Assembly Polls 2025: Know when, where to watch exit poll predictions
Ahead of wedding, Jeet Adani and Diva Shah pledge to support 500 Divyang brides with Rs.....
Vijay Mallya moves HC, says Rs 6200 crore debt recovered multiple times, seeks...
Mukesh Ambani announces Rs 50000 crore investment in THIS state, to generate...
Mahakumbh Mela 2025: Six injured after hot air balloon explodes before taking off, one critical
IND vs ENG: Virat Kohli eyes Sachin Tendulkar's historic 19-year-old record in international cricket
'Gazab Ka Re': Man pulls 15-foot python from canal with bare hands, WATCH viral video