Brookfield to build 1.3 mn sq ft office tower for JP Morgan in Powai

Brookfield Properties will develop a 1.3 million sq ft Grade A office tower in Mumbai under a long-term built-to-suit agreement with JPMorganChase, the company said in a statement on Wednesday. 

 

The proposed office tower will come up on a six-acre site in Powai, Mumbai, recently acquired by a private real estate fund managed by Brookfield Asset Management. The development will be executed through an agreement between the Mumbai Metropolitan Region Development Authority and a venture led by Brookfield along with its partner, B S Sharma.

 

According to Brookfield Properties, the upcoming facility—spread across approximately 13 lakh sq ft—will consolidate several of JPMorganChase’s Mumbai-based teams into a single, state-of-the-art workplace. The tower is scheduled for completion by 2030.

 

 

"The upcoming around 1.3 million sq ft facility will bring together many of JPMorganChase's Mumbai employees into a state-of-the-art workplace," the statement said, adding that the tower will be completed by 2030.Brookfield Asset Management, which is a majority owner, is committing significant capital investment to develop an office tower for JPMorganChase and its teams.

 

The project marks an expansion of Brookfield’s global relationship with JPMorganChase and highlights sustained demand for high-quality commercial real estate from global financial services firms in India, even as companies increasingly optimise and consolidate their office footprints.

 

Ankur Gupta, Deputy Global CIO and Head of Asia Pacific and Middle East, Real Estate, Brookfield Asset Management, said the company has expanded its global relationship with JPMorganChase 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," he added.

 

Brookfield Properties is a leading global owner, operator and developer of high-quality real estate assets across office, retail, multifamily, hospitality and logistics segments. Globally, the firm manages over 1,100 properties spanning more than 370 million sq ft.

 

In India, Brookfield Properties has built a sizeable commercial real estate platform, managing around 55 million sq ft of assets across 10 major cities, of which over 41 million sq ft is already operational.