According to people acquainted with the situation, Brookfield Properties has agreed to a long-term lease of around ten years from State Street Corporation, a global financial services and investment management company, for the full commercial office skyscraper located close to Mumbai’s Bandra-Kurla Complex (BKC).
Over the term of the contract, the business would pay a total rental of more than Rs 3.50 billion for the office space, which is roughly 250,000 square feet. State Street, a Boston-based company, has leased a ground-plus-six-story tower within the 10-acre Equinox Business Park complex in order to set up its global competence centre (GCC) and provide services to clients all over the world.
According to the sources, the lease has a 36-month lock-in period and a clause allowing for a 4.5% rental rise every 12 months. The NYSE-listed company’s action is in line with the growing trend of multinational firms establishing GCCs in India to profit from the nation’s low costs, highly qualified labour force, and advanced digital infrastructure.
Because of its robust talent pool and advantageous business climate, India has emerged as a top destination for GCC companies in a number of industries, particularly financial and tech organisations.
The choice made by State Street demonstrates India’s increasing strategic significance in assisting with international operations. This further indicates BKC’s growing importance as a major commercial centre for foreign companies looking to establish a foothold in India.
Brookfield Properties declined to comment, and State Street Corporation had not responded to enquiries at the time of publishing. Two acres of open space and four towers totalling 1.3 million square feet of leasable space make up the Equinox campus, which is close to BKC. The complex now boasts a 99 percent occupancy rate thanks to this deal, and its noteworthy tenants include Titan, NSE, Tata Communications, and Mirae Asset Capital Markets.
Source: Construction World
