Brookfield Properties To Build 13-Lakh-Sq-Ft Office Tower In Mumbai For JPMorgan

Brookfield Properties will develop an office tower comprising 13 lakh sq ft in Mumbai for JPMorganChase.

In a statement on Wednesday, Brookfield Properties said it has entered into a 'built-to-suit' lease agreement with JPMorganChase.

The office tower will be developed on a six-acre project in Powai, Mumbai, recently acquired by a Brookfield Asset Management private real estate fund.

It will be developed through an agreement between the Mumbai Metropolitan Region Development Authority (MMRDA) and a venture led by Brookfield, along with its partner, B S Sharma.

"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.

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 manager of high-quality real estate assets.

It has a presence in almost all real estate businesses, including office, retail, multifamily, hospitality, and logistics.

The company manages more than 1,100 properties and over 370 million sq ft of real estate in global markets on behalf of Brookfield, one of the largest asset managers in the world.

In India, Brookfield Properties manages about 55 million sq ft of assets across 10 major cities. Over 41 million sq ft is already operational.