State Street Leases Mumbai Office Tower in $42M Deal

27 Nov 2024 CW Team

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.

Real Estate

31 Oct 2025

Birla Estates Tops Global GRESB 2025 Rankings

Birla Estates (BEPL), a wholly owned subsidiary of Aditya Birla Real Estate (formerly Century Textiles and Industries Limited), has been recognised as a Sector Leader in the 2025 GRESB Real Estate Assessment, securing top honours across multiple global and regional categories.Birla Estates’ Achievements in GRESB 2025:Global Sector Leader – ResidentialGlobal Sector Leader – Non-Listed ResidentialRegional Sector Leader – Asia – ResidentialRegional Sector Leader – Non-Listed – Asia – ResidentialThese distinctions reaffirm Birla Estates’ exceptional performance in Environmental, ..

Infrastructure Transport

31 Oct 2025

Progota India Secures RDSO Clearance for Kavach 4.0

Concord Control Systems, one of India’s leading manufacturers of embedded electronic and critical system solutions, announced that its associate company, Progota India, has received Technical Prototype Clearance from the Research Designs and Standards Organisation (RDSO) for Kavach 4.0, the latest version of Indian Railways’ indigenous Automatic Train Protection (ATP) system.With this clearance, Progota has been formally approved to execute its ongoing trial order from South Central Railway, marking a key milestone in India’s railway modernization journey. The approval also establishes P..

Infrastructure Urban

31 Oct 2025

MPS Interactive Systems Completes Full Acquisition of Liberate Group

MPS Interactive Systems (MPSi), a material subsidiary of MPS, has completed the acquisition of the remaining shareholding in the Liberate Group of Companies—comprising Liberate Learning, App-eLearn, and Liberate eLearning.With this transaction, MPSi now holds 100 per cent ownership of all entities within the Liberate Group, making them its wholly owned subsidiaries. The acquisition was executed in line with the valuation methodology defined in the original transaction documents.Commenting on the development, Rahul Arora, Chairman and CEO of MPS, said, “The corporate learning sector continu..