US-based State Street leases Brookfield Properties' office tower near Mumbai’s BKC to set up GCC
financial services and investment management firm State Street Corporation has picked up an entire commercial office tower near Mumbai's business district Bandra-Kurla Complex (BKC) from Brookfield Properties through a long-term lease of around 10 years, said people with direct knowledge of the development.
The company will be paying a total rental of more than Rs 350 crore for the office spread over around 250,000 sq ft through the entire lease tenure.
The Boston-based company has leased the office space spread across the ground plus six-storey tower, which is part of a 10-acre commercial complex Equinox Business Park, to set up its global capability center (GCC) serving clients globally.
“The lease terms include a lock-in period of 36 months and a clause to escalate rentals by 4.5% every 12 months,” said one of the persons mentioned above.
The NYSE-listed company's move aligns with a growing trend of global corporations establishing GCCs in India, leveraging the country’s cost advantages, skilled workforce, and digital infrastructure.
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