BENGALURU: Morgan Stanley Advantage Services has secured nearly 160,000 sq ft of Grade-A office space at Ecoworld business park in Bengaluru, committing to a five-year lease at an annual rental rate of around Rs 23 crore.
The lease takes effect from January 10, with the office expected to be operational by May. The property is managed by Arliga Ecoworld Business Parks.
This deal highlights Morgan Stanley’s ongoing expansion in India and the sustained demand from BFSI sector occupiers for premium spaces in Bangalore’s most prestigious office area along the Outer Ring Road.
According to lease rental documentation from Propstack, “Morgan Stanley is leasing floors 8 and 9 of the building for a monthly rent of Rs1.92 crore, which translates to a rental rate of Rs121 per sq ft per month. This amounts to approximately Rs 23 crore annually.”
As stipulated in the lease, the tenant provided a security deposit of ₹11.88 crore. The agreement also includes a 15% rental escalation every three years, increasing the overall cost over the lease duration.
Industry experts believe this deal illustrates Morgan Stanley’s commitment to enhancing its India operations, particularly in Bengaluru, which is home to many of the firm’s technology, operations, analytics, and risk management functions that support its global endeavors.
“This lease showcases long-term confidence in Bengaluru as a key offshore hub for global financial services firms,” remarked Propstack co-founder Raja Seetharaman. “Despite higher rents, the Outer Ring Road continues to draw major BFSI tenants due to its rich talent pool, robust infrastructure, and availability of institutional-grade office spaces.”
Brookfield Properties, the owner of the business park, did not respond to email inquiries.
Ecoworld is one of the largest business parks in Bengaluru, offering around 7.7 million sq ft of leasable office space, hosting a diverse array of global capability centers, financial services firms, and multinationals. Notable tenants include Honeywell, Morgan Stanley, Standard Chartered, KPMG, Deloitte, Shell, State Street, and Cadence.
In the past year, Morgan Stanley has been actively involved in India’s commercial real estate market, executing lease renewals and expanding in Bengaluru and Mumbai, primarily within Grade-A office parks.
This activity aligns with a larger trend of global banks intensifying their presence in India while optimizing their office portfolios in established international markets. In September 2024, Morgan Stanley secured one of Mumbai’s largest office leases, taking up approximately 1.1 million sq ft across 16 floors at Oberoi Commerz III, Goregaon, on a 9.5-year lease valued at over Rs 2,100 crore.
