State Street Leases Entire Tower in Mumbai’s BKC for Global Capability Center
Global financial services and investment management firm, State Street Corporation, has signed a lease agreement with Brookfield Properties to occupy an entire commercial office tower near Mumbai’s Bandra-Kurla Complex (BKC). The long-term lease, estimated to be around 10 years, highlights India’s growing prominence as a strategic location for global corporations.
Details of the Lease Agreement
State Street Corporation, headquartered in Boston, will pay over Rs 3.50 billion as total rental for the 250,000 sq ft office space. The lease encompasses a ground-plus-six-storey tower within the Equinox Business Park complex. The deal includes a 36-month lock-in period and a provision for 4.5 per cent annual rental increase.
India’s Emerging Role in Global Operations
State Street’s decision to establish its Global Capability Center (GCC) in Mumbai reflects the increasing trend of global companies capitalizing on India’s cost benefits, skilled workforce, and digital infrastructure. GCCs, especially within financial and tech sectors, have chosen India as it offers a strong talent pool and a favorable business environment. With State Street’s move, India further solidifies its position as a preferred destination for GCCs across sectors.
Bandra-Kurla Complex (BKC) as a Business Hub
The leasing of this commercial office tower in BKC emphasizes its rising prominence as a key business hub for international corporations interested in advancing their presence in India. BKC is witnessing a surge in occupancy rate due to its advantageous location and world-class infrastructure. Notable tenants include Tata Communications, Mirae Asset Capital Markets, NSE, and Titan, who have contributed to the complex’s 99 per cent occupancy rate.
India’s Favored Business Environment
India’s expansive talent pool and vibrant business environment play a significant role in attracting global corporations. As more companies choose to establish their GCCs in India, the country’s GDP grows while offering employment opportunities. For international corporations, the appeal of accessing India’s skilled labor force and building a significant presence in the South Asian market is undeniable.
The response from State Street Corporation and Brookfield Properties regarding this lease agreement remains outstanding at the time of publication.
