State Street Corporation, a leading global financial services firm, has signed a significant lease agreement for a 250,000 sq. ft. office space in Mumbai’s Bandra-Kurla Complex (BKC). The Boston-based company secured the six-story building at the Equinox Business Park from Brookfield Properties, committing over ₹350 crore in a 10-year deal.

The new facility will serve as State Street’s Global Capability Center (GCC), further strengthening its global operations. The lease includes a 36-month lock-in period and an annual rental escalation of 4.5%, reflecting India’s growing demand for premium office spaces.

India: A Strategic Hub for Global Operations

State Street’s investment highlights India’s growing significance as a hub for Global Capability Centers (GCCs). Multinational companies increasingly favour India for its skilled workforce, advanced digital infrastructure, and cost advantages. The financial and technology sectors, in particular, have been key drivers of this trend, with India emerging as a top destination for global enterprises.

“India’s robust talent pool and favourable business environment make it an attractive location for international firms,” said a State Street representative.

BKC: A Prime Business Location

BKC has solidified its position as Mumbai’s premier business hub, hosting leading international corporations and financial institutions. Equinox Business Park, where State Street will operate, features four towers with 1.3 million square feet of leasable space. The complex’s occupancy rate has surged to 99% following this lease.

Other notable tenants in the park include Tata Communications, Mirae Asset Capital Markets, and Titan, reinforcing the area’s status as a hotspot for high-profile business activities.

Brookfield Properties: A Key Real Estate Player

Brookfield Properties, which owns and manages the Equinox Business Park, has been instrumental in meeting the demand for commercial spaces in India. Brookfield continues to attract top-tier clients with 55 million square feet of assets under management across the country and a portfolio worth USD 29 billion.

The rise in demand for office spaces, especially in the banking, financial services, and insurance (BFSI) sector, has driven record-breaking leasing activity. India’s commercial real estate market benefits from technological advancements, digital adoption, and a growing pool of skilled professionals.

A Promising Future for India’s Commercial Real Estate

State Street’s decision to establish operations in Mumbai underscores the city’s importance in the global market. As more multinational companies recognize India’s advantages, the country is poised to strengthen its position as a central player in global financial and business services.

This move also signals continued foreign investment in India’s commercial real estate, contributing to the country’s growth as a global business hub. With an increasing number of companies establishing operations in India, the demand for premium office spaces is expected to reach new heights in the coming years.

State Street’s lease at BKC is not just a real estate deal; it’s a testament to India’s potential to drive innovation and growth for global enterprises.