Brookfield Properties to Build 1.3 Million Sq Ft Office Tower for JPMorgan Chase in Mumbai
Brookfield Properties, a prominent global real estate firm, has announced the development of a 1.3 million square foot Grade-A commercial property in Mumbai under a long-term built-to-suit agreement with JPMorgan Chase. The proposed office tower will be constructed on a six-acre land parcel in Powai, Mumbai, which was recently acquired by a private real estate fund managed by Brookfield Asset Management.
The development will be carried out through an agreement with the Mumbai Metropolitan Region Development Authority (MMRDA) and a joint venture between Brookfield and B S Sharma. The project is expected to be completed by 2030. According to Brookfield Properties, the new office tower will house various teams of JPMorgan Chase operating out of Mumbai under one roof, providing them with a world-class workplace.
This new 1.3 million square foot office will consolidate some of JPMorgan Chase's employees into a single, modern facility in India. Brookfield is set to invest substantial capital into developing this office tower for JPMorgan Chase, as they hold majority ownership in the venture. This project represents an extension of the longstanding global partnership between Brookfield and JPMorgan Chase, reflecting the ongoing demand for high-quality commercial property among global financial companies in the Indian market.
Despite the uncertainties in the global market and the evolving dynamics of work strategies, India continues to attract significant investments in large-scale office developments. Mumbai, Bengaluru, and Hyderabad are the primary locations for these investments. Ankur Gupta, Deputy Global Chief Investment Officer and Head of Asia Pacific and Middle East for Real Estate at Brookfield Asset Management, stated that this deal reinforces India's position as a leading destination for international capability centers. It demonstrates the trust that long-standing partners have in Brookfield Properties' ability to create Grade A and sustainable office spaces at scale and for the long term.
Brookfield Property Partners is a leading global real estate owner, operator, and developer, managing more than 1,100 properties globally, encompassing over 370 million square feet of real estate space. In the Indian market, Brookfield has developed a substantial real estate platform over the past decade, managing a real estate business of 55 million square feet across 10 major cities in the country. This includes over 41 million square feet of delivered space, primarily serving multinational corporations and global capability centers.
The Powai project aligns with JPMorgan Chase's strategy to expand its operations in the Indian market. The US-based bank has been increasing its presence in India, leveraging the country's pool of skilled workers in technology, operations, analytics, and back-office functions. Recently, JPMorgan Chase announced plans to establish the largest global capability center in Asia in the Indian market.
The Brookfield/JPMorgan Chase development underscores the continued confidence in the Indian commercial property market, particularly in Grade A office developments with a customized built-to-suit approach. As global companies view India as a long-term destination, projects like this will play a crucial role in driving the Indian office leasing market forward.
