Julius Baer Global Enterprise Services has leased 74,037 sq. ft. at Waterstones Business Park in Mumbai’s Andheri East. The five-year lease involves ₹102.6 crore in total rent. The deal comes amid strong GCC-led office demand, with BFSI emerging as a major driver across India’s top cities.
Swiss private banking firm Julius Baer is expanding its India office presence with a 74,037 sq. ft. lease in Andheri East, Mumbai, according to deal documents accessed through real estate data analytics firm Propstack.
The space, located on the seventh floor of Waterstones Business Park, has been leased by Julius Baer Global Enterprise Services (India) from Striton Properties. The lease began on May 1, 2026, and runs for 60 months.
The company will pay a monthly rent of ₹1.55 crore, equivalent to around ₹209 per sq. ft. Over the five-year lease period, the total rental outgo is expected to reach approximately ₹102.6 crore.
Five-Year Lease Highlights: GCC Expansion
Julius Baer has also paid a ₹12.38 crore security deposit, while the lease includes an annual rental escalation of 5%. The facility will support the company’s Global Capability Centre (GCC) and commercial back-office operations.
The transaction adds to a growing pipeline of GCC-led office leasing across India. Global Capability Centres have become one of the strongest drivers of demand for Grade-A commercial office space, particularly as multinational companies expand their technology, finance, analytics, and corporate support functions in the country.
According to Colliers India, GCCs have accounted for 37% of total Grade-A office demand since 2021, with companies leasing a cumulative 118 million sq. ft. during the period.
GCCs Drive Grade-A Office Demand
The momentum has continued into 2026. GCCs leased 16.6 million sq. ft. during the first half of the year, representing 46% of total Grade-A office uptake across India’s top seven cities.
The BFSI sector has emerged as an important contributor to this demand. GCC leasing by banking, financial services and insurance companies nearly tripled between 2021 and 2025. In H1 2026, BFSI companies accounted for 23% of overall GCC leasing, according to Colliers.
Mumbai is particularly well positioned to benefit from this trend because of its established financial services ecosystem. The city recorded 1.2 million sq. ft. of GCC leasing in H1 2026, representing 7% of total GCC leasing across the top seven cities.
Mumbai Set to Benefit From Future GCC Growth
The outlook for GCC-driven office demand remains strong. Colliers expects annual GCC leasing in India to reach 35-40 million sq. ft. over the next two years. GCCs are projected to contribute 45-50% of total office demand in both 2026 and 2027.
For Mumbai, continued expansion by financial services companies could support sustained demand for premium office buildings in established business districts such as Andheri East.
The Julius Baer transaction also reflects a wider shift in India’s office market, where GCCs are moving beyond traditional technology functions and increasingly occupying large, enterprise-grade facilities for global operations.
The exact headcount and specific functions planned for Julius Baer’s new facility have not been disclosed. However, the scale of the lease reinforces the growing importance of GCCs—and particularly BFSI-led centres—in shaping India’s next phase of commercial real estate growth.
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