 "Brookfield signs built-to-suit office deal with JPMorgan Chase in Powai")
Brookfield Properties has entered a built-to-suit lease agreement with JPMorgan Chase to house the American investment banking firm’s global capability centre (GCC) in Mumbai’s Powai. The GCC will be Asia’s largest one, with JP Morgan Chase being its sole occupier with a lease term of 20 years.
The development will be built on a six-acre project, recently acquired by a Brookfield Asset Management private real-estate fund. As the majority owner, Brookfield Asset Management will be investing $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, JP Morgan Chase is operating through a 1.16-million square foot (msf) facility located in Mumbai’s Goregaon.
Brookfield noted that the scale of this transaction also 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 JP Morgan 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 had 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 in India.
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.