Fidelity Group co leases Mumbai office space
Eight Roads Investment Advisors, a worldwide investment division of Fidelity Group, has rented a front office with a sea view on an entire floor of Avighna House in Mumbai’s affluent Worli neighborhood, shattering previous records for office rentals. With a provision for rent hikes of 9.75% every two years, the 6,150 square-foot office space was leased for five years at a record-breaking $7.5 per square foot each month. The acquisition is notable because, after a lengthy period of time, it represents the highest per-square-foot rental price for any commercial property in Mumbai, India’s most costly market. At CeeJay House in Worli, Barclays Bank formerly rented 15,000 square feet of office space for Rs 725 per square foot per month.
NewsOTG gathered that Credit Suisse, Lehman Brothers, Societe Generale, and Hypo Bank are just a few of the financial and investment organizations that find the location of Avighna House on Dr. Annie Besant Road to be quite appealing due to its close proximity to CeeJay House. An international venture capital firm called Eight Roads Investment Advisors invests widely in the technology and healthcare industries and is supported by Fidelity. More than 300 portfolio businesses, $11 billion in assets under management (AUM), and over 50 years of venture investment experience are all part of its worldwide platform. The company recently revealed its first $250 million healthcare and life sciences fund with a focus on India, underscoring its sustained engagement in the nation.
Despite the Covid-19 pandemic’s effects, there has been widespread improvement in commercial real estate, especially in office buildings. The commercial office segment is making a strong comeback, as evidenced by the increase in small and mid-size leases and outright transactions across segments and significant real estate cities. Real estate developers and real estate investment trusts (REITS) with extensive office real estate portfolios have begun to observe an increase in deals for boutique offices in addition to the completion of major purchases. In conclusion, the record-breaking sale made by Eight Roads Investment Advisors for a front office with a sea view on a full floor of Avighna House in Mumbai’s Worli neighborhood is evidence of the industry’s continuous expansion in India.
The agreement marks a key turning point and emphasizes the robust demand for upscale office space in the nation’s financial center.