BlackRock Inc., the world's largest asset manager, has picked up over 1.65 lakh office space in Mumbai’s western suburb of Goregaon through a long-term lease spanning over 10 years to set up its Global Capability Center (GCC) supporting its global operations, said persons with direct knowledge of the development. The New York-headquartered financial services major has leased a total three floors in commercial complex Commerz III from listed developer Oberoi Realty at a rental of over 2.6 crore a month taking its total deal size to nearly Rs 400 crore including other charges. The lease agreement includes a clause to escalate rentals by 15% after every 36 months and a lock-in period of five years. The lease that commences from January was registered last week. The deal also provides BlackRock exclusive access to over 90 car parking slots in the tower. The new office is part of BlackRock’s growth and expansion strategy in India, a key market where the company has signaled its long-term commitment, as reflected in the tenure of this lease,” said one of the persons mentioned above. Prior to this, in August, the company leased 42,700 sq ft office space in a premium commercial tower in central Mumbai’s Worli locality for five years. BlackRock has a robust presence in the Indian financial markets. The company, which began its operations in India in 2008, currently offers investment solutions, including mutual funds, exchange-traded funds and portfolio management services, catering to both institutional and retail clients. It has offices in Mumbai, Gurugram, and Bengaluru. This collaboration aims to deliver tech-enabled, affordable, and innovative investment solutions to Indian investors, leveraging BlackRock's global expertise and JFS's local market knowledge and digital infrastructure. In the Union Budget 2025-26 announced on Saturday, the government introduced measures to streamline international taxation and expand safe harbour rules for GCCs. The budget proposes adopting a block-period approach for transfer pricing assessments, allowing for a three-year evaluation period instead of annual assessments. This change is aimed at providing greater regulatory certainty and reducing litigation for multinationals operating in India.
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