State Street leases Brookfield office tower in Mumbai for GCC setup

27 Nov 2024 CW Team

Global financial services and investment management firm State Street Corporation has leased an entire commercial office tower near Mumbai’s Bandra-Kurla Complex (BKC) from Brookfield Properties for a long-term tenure of around 10 years, according to sources familiar with the matter.

The company will pay a total rental of over Rs 3.50 billion for the office space, which spans approximately 250,000 sq ft, over the course of the lease.

State Street, based in Boston, has taken the lease for the ground-plus-six-storey tower, part of the 10-acre Equinox Business Park complex, to establish its global capability centre (GCC) to serve clients worldwide.

The lease agreement includes a lock-in period of 36 months and a provision to increase rentals by 4.5 per cent every 12 months, the sources revealed.

This move by the NYSE-listed company aligns with the increasing trend of global corporations setting up GCCs in India, taking advantage of the country’s cost benefits, skilled workforce, and digital infrastructure.

India has become a preferred destination for GCCs across various sectors, especially for financial and tech firms, due to its strong talent pool and favourable business environment.

State Street’s decision highlights the growing strategic importance of India in supporting global operations. This also signals the rising prominence of BKC as a key business hub for international corporations seeking a presence in India.

Queries sent to State Street Corporation remained unanswered by the time of publication, and Brookfield Properties declined to comment.

The Equinox campus, located near BKC, comprises four towers with a total of 1.3 million sq ft of leasable space and 2 acres of open area. With this transaction, the complex has reached a 99 per cent occupancy rate, with notable tenants including Tata Communications, Mirae Asset Capital Markets, NSE, and Titan.

Infrastructure Urban

06 Apr 2026

CFI Appoints New National Council for FY27 and FY28

The Construction Federation of India (CFI) has announced its newly elected National Council and office bearers for a two-year term covering FY27 and FY28. M. V. Satish, Advisor to CMD and Lead Ambassador for Middle East, L&T, has been elected President; Priti Patel, Chief Strategy & Growth Officer, Tata Projects, has been appointed Vice President; and Ajit Bhate, Managing Director, Precast India Infrastructures, has taken charge as Treasurer.The newly formed National Council brings together senior leaders from major EPC and infrastructure companies, reflecting CFI’s continued focus o..

India REIT Market Gains Momentum with Strong Returns

India’s Real Estate Investment Trust (REIT) market is witnessing strong growth, emerging as a competitive investment avenue both domestically and across Asia. According to a recent ANAROCK report released at EXCELERATE 2026 by NAREDCO Maharashtra NextGen, the sector is evolving into a mature asset class driven by solid fundamentals, regulatory backing and rising investor confidence.The introduction of Small and Medium REITs (SM REITs) in 2025 has further widened access through fractional ownership, unlocking a potential monetisation opportunity of Rs 670–710 billion. Indian REITs have deli..

G R Infraprojects Secures Rs 4,130 Million BESS Contract From NTPC

G R Infraprojects said it has secured a contract from NTPC to supply and implement a battery energy storage system (BESS) valued at Rs 4,130 million (mn). The company reported the order was awarded as part of NTPC's ongoing efforts to enhance grid flexibility and energy storage capacity. The contract represents a notable addition to the firm's project pipeline and underscores demand for utility scale storage solutions. The award is expected to strengthen G R Infraprojects' presence in the energy infrastructure sector and to contribute to the firm's order book and future revenues, subject to st..