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State Street Leases Mumbai Office Tower in $42M Deal
ECONOMY & POLICY

State Street Leases Mumbai Office Tower in $42M Deal

27 Nov 2024 2 Min Read CW Team
State Street Corporation, a Boston-based global financial services and investment management firm, has signed a long-term lease for an entire office tower near Mumbai's Bandra-Kurla Complex (BKC). The agreement with Brookfield Properties spans approximately 10 years, with a total rental commitment exceeding ?350 crore ($42 million).

The leased space, covering 250,000 sq ft across a six-story tower in the 10-acre Equinox Business Park, will house State Street's Global Capability Center (GCC). This facility is part of a growing trend among global corporations leveraging India’s cost-efficient, skilled workforce and digital infrastructure to support global operations.

Strategic Terms and Market Insights The lease includes a 36-month lock-in period and an annual rental escalation of 4.5%. The move highlights BKC’s rising prominence as a business hub, with nearly full occupancy in the Equinox Business Park. Key tenants include Tata Communications, Mirae Asset Capital Markets, NSE, and Titan.

Brookfield Properties, which manages over 55 million sq ft of assets across 10 Indian cities, noted that GCCs now account for 15 million sq ft of its portfolio. The Equinox campus boasts 1.3 million sq ft of leasable space and is now 99% occupied.

State Street’s Global Reach With $46.8 trillion in assets under custody and administration, and $4.7 trillion under management, State Street operates in over 100 markets. Its investment in Mumbai reinforces the BFSI sector's demand for office spaces in India, driven by digital transformation and a skilled talent pool.

Brookfield’s Expanding Footprint Brookfield Properties’ India portfolio, part of its $29 billion AUM in the country, includes marquee developments like Candor TechSpace and Worldmark. The growing demand for premium office spaces signals India's critical role in global business strategies.

This lease deal underscores India’s evolution as a top destination for multinational corporations and BKC’s status as a preferred business hub.

State Street Corporation, a Boston-based global financial services and investment management firm, has signed a long-term lease for an entire office tower near Mumbai's Bandra-Kurla Complex (BKC). The agreement with Brookfield Properties spans approximately 10 years, with a total rental commitment exceeding ?350 crore ($42 million). The leased space, covering 250,000 sq ft across a six-story tower in the 10-acre Equinox Business Park, will house State Street's Global Capability Center (GCC). This facility is part of a growing trend among global corporations leveraging India’s cost-efficient, skilled workforce and digital infrastructure to support global operations. Strategic Terms and Market Insights The lease includes a 36-month lock-in period and an annual rental escalation of 4.5%. The move highlights BKC’s rising prominence as a business hub, with nearly full occupancy in the Equinox Business Park. Key tenants include Tata Communications, Mirae Asset Capital Markets, NSE, and Titan. Brookfield Properties, which manages over 55 million sq ft of assets across 10 Indian cities, noted that GCCs now account for 15 million sq ft of its portfolio. The Equinox campus boasts 1.3 million sq ft of leasable space and is now 99% occupied. State Street’s Global Reach With $46.8 trillion in assets under custody and administration, and $4.7 trillion under management, State Street operates in over 100 markets. Its investment in Mumbai reinforces the BFSI sector's demand for office spaces in India, driven by digital transformation and a skilled talent pool. Brookfield’s Expanding Footprint Brookfield Properties’ India portfolio, part of its $29 billion AUM in the country, includes marquee developments like Candor TechSpace and Worldmark. The growing demand for premium office spaces signals India's critical role in global business strategies. This lease deal underscores India’s evolution as a top destination for multinational corporations and BKC’s status as a preferred business hub.

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