Morgan Stanley (MS) is planning to give up some of the office space it leases in Mumbai after selling its Indian wealth and domestic fund management businesses, people familiar with the matter said.
Morgan Stanley, which occupies two floors in Tower 2 of One Indiabulls Centre in Mumbai, may give up an entire floor, one of the people said, asking not to be identified because the information is private. The New York-based bank will move some staff to existing offices in the city where it will take up more space, one of the people said. Morgan Stanley declined to comment in an e-mailed response.
Morgan Stanley, ranked third for mergers and acquisitions on completed deals in India last year, sold its Indian wealth management assets to Standard Chartered Plc and its domestic fund-management unit to HDFC Mutual Fund in 2013.
The 20-story office tower, owned by Indiabulls Real Estate (IBREL) Ltd., is located in central Mumbai, with tenants including American Express Services India Ltd. and insurer Marsh India. Morgan Stanley became a tenant in One Indiabulls in 2010 as it consolidated most of its businesses in a single location, the firm said in a statement in May 2010.
Rents in Mumbai’s central business district were $4.5 per square foot per month in the quarter ended March, and compared with $6.61 in Shanghai, according to data from broker Cushman & Wakefield Inc.
Morgan Stanley is opening an offshore center to support global functions, including technology, data, operations and finance, in Bengaluru this year, adding to its existing centers in Mumbai, according to a Dec. 23 company statement.
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