Metlife GCC leases 75,000 sq ft in Noida's Oxygen Business Park

Metlife's global capacity centre has leased 75,000 sq ft at Embassy's Oxygen Business Park in Noida, adding to strong Grade-A office demand amid rising GCC activity and tech sector expansion

Analytics firm Metlife’s global capacity centre (GCC) has leased 75,000 square feet of office space at Embassy Office Parks Real Estate Investment Trust’s (REIT’s) Oxygen Business Park in Sector 144, Noida.

 

According to transaction documents with Propstack, the GCC will pay ₹41.84 lakh as monthly rent for a chargeable area of 74,732 square feet. This puts the monthly rent rate at ₹56 per square foot.

 

The lease agreement is applicable for five years, with the rent seeing a 15 per cent escalation after three years. This would take the total rental spend to ₹26.61 crore for the overall five years, with rent commencement starting from 1 July this year.

 

The company will be taking space on the 12th and 13th floors in Tower 3 of Oxygen Business Park. The GCC already leases 291,000 square feet of office space in Oxygen Business Park Tower 2 from 2024.

 

The Metlife GCC deal comes at a time of continued demand for office space in India’s tier-I cities. Last month, US technology major IBM leased around 230,000 square feet of office space in Tata Realty and Infrastructure’s Intellion Park in Gurugram.

 

Intellion Park itself has seen several high-profile deals over the last few months, with Eternia Limited’s food services company Zomato leasing over 270,000 square feet at the property.

 

Previously, US-based networking systems, services and software company Ciena had leased 135,000 square feet at Intellion Park, which also counts Google among its other occupiers.

 

According to a report by occupier-focused workplace solutions firm Vestian, office absorption in India continues to outpace new supply by a wide margin in 2025, leading to a notable improvement in occupancy levels.

 

The pan-India vacancy rate also declined by 310 basis points, from 13.9 per cent in 2024 to 10.8 per cent in 2025.

 

The segment has seen the setting up of new GCCs, an expanding presence of flexible workspace operators, a rise in unicorn start-ups, and ongoing growth of big technology firms.