Eldridge's Indian subsidiary, EISV Pvt Ltd, has made a significant move in the Mumbai real estate market by leasing a substantial office space in Goregaon. The company has secured a lease for 33,000 square feet within the Commerz III building, developed by Oberoi Realty, with a total rental commitment exceeding ₹64 crore over a five-year period. This transaction, detailed in property registration documents obtained by Propstack, marks a notable investment in the commercial real estate sector, reflecting ongoing demand for quality office spaces in the city.
The lease agreement specifies that EISV Pvt Ltd will occupy the fourth floor of the Commerz III building, situated along the Western Express Highway, a key commercial corridor in Goregaon East, Mumbai. The rental structure includes an initial monthly rent of ₹1.01 crore for the first three years, followed by a higher rental rate of ₹1.17 crore for the subsequent two years. Additionally, a security deposit amounting to ₹9.17 crore has been paid, with a lock-in period of 60 months stipulated in the lease agreement. The space also includes 33 car parking spaces, with the option for additional parking at a rate of ₹6,000 per month per space.
The scheduled access date for the leased office is set for February 1, 2026, while the formal lease term is established from May 16, 2026, to May 15, 2031. The transaction was officially registered on February 17, 2026, incurring a stamp duty of over ₹17 lakh along with a registration fee of ₹1,000. This deal underscores the competitive landscape of the Mumbai office market, where companies are actively seeking high-quality spaces to accommodate their operational needs.
Eldridge's lease in Goregaon comes amidst a series of substantial office transactions within the city, highlighting the attractiveness of Mumbai as a business hub. Notable recent deals include Sony Pictures leasing 73,000 square feet and JP Morgan securing a massive 13 lakh square feet in Powai, indicating a robust demand for commercial properties. JLL India acted as the transaction advisor for Eldridge's deal, although inquiries sent to them, Oberoi Realty, and Eldridge have yet to elicit responses. As the office rental market continues to evolve, such transactions will likely play a vital role in shaping the future landscape of commercial real estate in Mumbai.