Brookfield Secures Major Built-to-Suit Office Deal with JPMorgan Chase in Mumbai
Brookfield Properties has entered a built-to-suit lease agreement with JPMorgan Chase to develop a global capability centre (GCC) in Mumbai’s Powai. This GCC will be the largest in Asia, with JPMorgan Chase as its sole occupier for a 20-year lease term.
The development will be built on a six-acre project recently acquired by a Brookfield Asset Management private real-estate fund. Brookfield Asset Management, as the majority owner, will invest $1 billion to develop the GCC.
The campus will be developed through an agreement between the Mumbai Metropolitan Region Development Authority (MMRDA) and a venture led by Brookfield, along with its partner, BS Sharma.
Currently, JPMorgan Chase operates through a 1.16-million square foot (msf) facility located in Mumbai’s Goregaon. The new GCC will significantly expand their operational capacity and modernize their infrastructure in the region.
Brookfield noted that the scale of this transaction highlights India’s position as a leading GCC hub. Ankur Gupta, Deputy Global CIO and Head of Asia Pacific and Middle East, Real Estate, Brookfield Asset Management, said, “We are pleased to expand our global relationship with JPMorgan Chase through this transaction. This landmark agreement reinforces India’s position as a leading global capability centre destination. It reflects the confidence that long-term partners place in Brookfield Properties’ ability to deliver Grade A, sustainable office assets at scale.”
In 2024, Brookfield commissioned a similar build-to-suit tower in Pune, Maharashtra, for the GCC of a large financial services corporation. In Mumbai, Brookfield now owns over $4 billion of real-estate projects. Brookfield is one of the largest office owners and operators in India, with approximately 55 msf across seven cities.
Over the last few years, GCCs have been driving office demand across the top Indian markets. According to Savills India, GCCs leased 112 msf of office space between 2020 and 2024, with Mumbai (8 per cent) and Pune (14 per cent) together accounting for 22 per cent of the total leasing. During the same period, Mumbai witnessed the highest office leasing by banking, financial services, and insurance (BFSI) GCCs, despite Bengaluru having the deepest BFSI talent pool.
Further, India is projected to see 180 msf of office absorption through GCCs between 2025 and 2030 under a realistic growth scenario. This trend underscores the growing importance of India as a strategic location for global companies looking to expand their operations and tap into the country's skilled workforce.
