State Street leases Brookfield office tower in Mumbai for GCC setup
ECONOMY & POLICY

State Street leases Brookfield office tower in Mumbai for GCC setup

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.

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.

Next Story
Products

unWOOD transforms plastic waste into durable wood alternative

unWOOD, a breakthrough innovation, is converting hard-to-recycle plastic waste into a durable alternative to natural wood. Developed through a proprietary process called Intelligent Compounding, unWOOD uses a Macro Molecular Fiber Matrix (MMFM) structure to replicate the strength, look, and feel of hardwood—without the environmental cost.Conceptualised by Dr Babu Padmanabhan, the material addresses key flaws in traditional plastic recycling by consuming minimal energy, using zero water, and generating no microplastics. “Any application that introduces plastics into areas where it cannot be..

Next Story
Real Estate

Häfele launches Matrix undermount runners range

Häfele has introduced its new Matrix range of undermount runners, designed to enhance drawer motion across kitchens, wardrobes, bathroom units, and more.Available in four weight capacities and a wide range of lengths, the Matrix undermount runners support diverse drawer designs. The 40 kg and 60 kg variants feature synchronised technology for superior motion and drawer stability. All runners come with an integrated soft-close mechanism to ensure smooth and noiseless operation.This in-house range is ideal for kitchen cabinets, bed storage units, living room furniture and bathroom drawers, offe..

Next Story
Real Estate

India's first AI-integrated campus announced in Noida

Yashoda Hospital and Bhutani Infra have announced plans to develop India’s first fully AI-integrated mixed-use campus in Greater Noida West. The upcoming project will feature a hospital, retail spaces, offices, SOHOs, serviced apartments, and a hotel—all operating within a self-learning, generative AI-powered ecosystem.The AI-first campus will integrate real-time data systems, predictive analytics, and adaptive infrastructure to offer personalised experiences across functions. From AI-enabled footfall tracking and dynamic energy optimisation to smart F&B and retail insights, the develo..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?