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.

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