Nielsen Media leases 1.52 lakh sq ft in Goregaon

Nielsen Media has secured a significant office lease in Goregaon, a key commercial hub in Mumbai's western suburbs. The company has entered into a long-term agreement for over 152,000 sq ft of office space in the Oberoi Commerz III tower, which is part of the expansive Oberoi Garden City development.

Lease Details

The lease agreement spans more than 10 years, with a total rental cost exceeding Rs 465 crore, not including rental escalations. A notable aspect of this lease is the rental escalation clause, which stipulates a 15% increase every three years. Additionally, there is a lock-in period of five years, providing stability for both the tenant and the landlord.

Office Space Allocation

• Nielsen Media will occupy the 36th to 38th floors, amounting to 109,851 sq ft, along with an additional terrace area of 2,553 sq ft.
• What’s On Media, a subsidiary of Nielsen Media, will take the 35th floor, covering 37,932 sq ft, plus a terrace of 1,920 sq ft.

The total initial monthly rent for the leased space is Rs 3.88 crore, with Rs 2.87 crore allocated for Nielsen Media and Rs 1.01 crore for What’s On Media. The lease also includes exclusive access to 164 car parking slots, enhancing the convenience for employees and visitors.

Location Advantages

The Oberoi Garden City is an 80-acre premium mixed-use development that offers various amenities and is strategically located adjacent to a metro station. This location is advantageous for businesses, providing easy accessibility for employees and clients. Oberoi Commerz III itself is a substantial commercial tower, with a total area of 2.9 million sq ft, housing several prominent occupiers, including global investment bank Morgan Stanley.

Strategic Implications

Nielsen Media's new office space is set to function as its global capability center (GCC) in India. This move reflects a broader trend of global companies returning to the Indian office market, particularly in sectors such as technology and banking, financial services, and insurance (BFSI). The establishment of a GCC indicates a commitment to leveraging India’s talent pool and resources for global operations.

Conclusion

This significant lease by Nielsen Media in Goregaon not only underscores the growing demand for office space in Mumbai but also highlights the strategic importance of the location for global firms. For businesses considering expansion or relocation, the Oberoi Garden City area presents a compelling option due to its infrastructure and accessibility.