Nielsen Media Leases 1.52 Lakh sq ft in Mumbai's Goregaon

Nielsen Media Leases 1.52 Lakh sq ft in Mumbai's Goregaon

Nielsen Media Leases 1.52 Lakh sq ft in Mumbai's Goregaon

Nielsen Media, a global leader in audience measurement and analytics, has secured a substantial office space lease in Mumbai's western suburb of Goregaon. The company has entered into a long-term lease agreement for over 152,000 sq ft of office space in the commercial tower Oberoi Commerz III, part of the larger Oberoi Garden City layout.

Key Details:
- Lease Duration: Over 10 years.
- Total Rental Cost: More than Rs 465 crore, excluding rental escalations.
- Rental Escalation Clause: 15% increase every three years.
- Lock-in Period: Five years.

Office Space Allocation:
- Nielsen Media: Will occupy the 36th to 38th floors, totaling 109,851 sq ft, plus an additional terrace carpet area of 2,553 sq ft.
- What’s On Media: A group company of Nielsen Media, will take the 35th floor, covering 37,932 sq ft, plus a terrace of 1,920 sq ft.
- Total Monthly Rent: Rs 3.88 crore initially, with Rs 2.87 crore for Nielsen Media and Rs 1.01 crore for What’s On Media.
- Parking: Exclusive access to 164 car parking slots.

Lease Agreement Timeline:
- Commencement: January 2025.
- Fit-out Period: Seven months starting from June 1, 2024.

Location Benefits:
- Oberoi Garden City: An 80-acre premium mixed-use development in Goregaon, adjacent to a metro station.
- Oberoi Commerz III: A 2.9-million-sq-ft tower housing key occupiers, including global investment bank Morgan Stanley.

Strategic Move:
Nielsen Media’s new office space is expected to serve as its global capability center (GCC) in India. This significant lease aligns with the broader trend of global occupiers returning strongly to the Indian office market, driven by technology and BFSI (Banking, Financial Services, and Insurance) sectors.

Market Context:
The Indian office market has shown remarkable resilience and growth, with gross leasing in the first half of the year reaching a record 33.5 million sq ft, up 29% from the previous year. This surge underscores confidence in India’s commercial real estate market despite global economic uncertainties, and the trend is expected to continue with robust demand from various sectors.

This significant leasing deal by Nielsen Media highlights the strong fundamentals and attractiveness of Mumbai’s commercial real estate market.

About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/