In a significant move underscoring the growing trend of global corporations expanding their footprint in India, State Street Corporation has signed a long-term lease agreement for a commercial office tower in Mumbai. The financial services giant has leased the entire 250,000 square feet of space in Equinox Business Park, a premier office complex located near the Bandra-Kurla Complex (BKC). The deal, which spans a period of 10 years, is valued at over ₹350 crore, a substantial commitment to the Indian market.
State Street, headquartered in Boston, will establish its Global Capability Centre (GCC) in this newly leased space, underscoring India’s increasing importance as a hub for global operations. The office tower leased by the firm is part of a sprawling 10-acre commercial complex, which is also home to other prominent tenants like Tata Communications and Titan. The six-storey tower, with a total leasable area of 250,000 sq ft, will serve as the operational base for State Street’s services catering to clients across the world.
The terms of the lease include a lock-in period of 36 months and a clause for annual rental escalation of 4.5%, highlighting the long-term commitment of the financial services firm to its operations in India. This deal comes as a part of the rising trend of global firms setting up GCCs in India, attracted by the country’s cost-effective operational advantages, skilled workforce, and world-class digital infrastructure. India has firmly established itself as a preferred destination for Global Capability Centres (GCCs), especially for the financial services and tech sectors. State Street’s decision to expand its presence here is indicative of the country’s robust talent pool and supportive business environment. The leasing transaction also highlights the growing significance of BKC as a prime business hub for international corporations operating in India.
The Equinox Business Park complex, after this deal, has reached an occupancy level of 99%, with Brookfield Properties now housing key companies in the BFSI, technology, and communications sectors. Brookfield Properties, which has a substantial presence in India with assets spanning 55 million square feet across 10 major cities, continues to see rising demand for office spaces, particularly from companies establishing or expanding their GCCs. The office leasing activity in Mumbai, especially in the BFSI sector, has surged, driven by technological advancements, digital adoption, and an increasing demand for skilled talent. The rise in leasing transactions, which is expected to exceed previous records set in 2023, is a testament to India’s continued appeal as a global business destination.
