Nielsen Media, a global major in audience me asurement and analytics, has picked up an office space spread over four floors in a commercial complex in Mumba i’s western suburb Goregaon through a long-term lease of over 10 years.
The total rental outgo for the company for the over 152,000 sq ft office space in commercial tower Oberoi Commerz III, part of larger layout Oberoi Garden City, will be more than ₹465 crore over 10 years without factoring in any rental escalation, documents accessed through CRE Matrix showed.
The agreement includes a clause to escalate lease rentals by 15% every three years and la five-year lock-in period. Of the total office space, Nielsen Media will occupy the 36th to 38th floors, while What’s On Media, a group company of Nielsen Media, will take up the 35th floor of the tower.
The lease agreement will commence from January 2025 and the fit-out period of seven months will start from June 1, 2024, documents showed.
The total starting monthly rental of ₹3.88 crore includes ₹2.87 crore for Nielsen Media’s office space of 109,851 sq ft and terrace carpet area of 2,553 sq ft. What’s On Media will be paying initial rent of ₹1.01 crore per month for the office spread over a carpet area of 37,932 sq ft and terrace of 1,920 sq ft.
The agreement also provides for exclusive access to 164 car parking slots in the tower. The transaction was registered on July 9.
ET’s email query to Nielsen Media and Oberoi Realty remained unanswered until press time Monday, while transaction advisor JLL India declined to comment.
The total rental for over 10 yrs, without factoring in any rental escalation, will be more than ₹465 cr.
Oberoi Garden City, spread over 80 acres, is a premium mixed-use development in Goregaon, located adjacent to a metro station. Oberoi Commerz III is a 2.9 million sq ft tower that already houses key occupiers including global investment bank Morgan Stanley.
Nielsen Media is expected to utilise the space for its global capability centre (GCC) in India.
Source – Economic Times
