Brookfield Properties leases 3.5 lakh sq office space at Equinox Business Park – ET RealEstate

MUMBAI: Brookfield Properties, global real estate services company of Brookfield Asset Management, has leased 3.50 lakh sq ft office space at its Equinox Business Park in Mumbai to five corporate clients.

The company has leased the space to Boston-headquartered State Street Corporation, US conglomerate Hasbro, American-Canadian digital media and broadcasting company Vice Media, and Temasek Holdings’ portfolio company STTelemedia. These four global entities will be new tenants in the 10-acre complex near Bandra-Kurla Complex (BKC).

β€œWe are delighted to onboard 5 corporate clients. With only 4 towers spread over 10 acres, we are the lowest density business spark in the CBD, ensuring ample space for safe social distancing,” said Vithal Suryavanshi, Senior Vice President & Regional Head-West, Brookfield Properties-Equinox.

Brookfield has also leased office space to one of its existing customers Tata Communications.

β€œWhile exploring leasing options for consolidating our requirements at Tata Communications, we did evaluate all options including BKC and surrounding locations and finally opted for Equinox because we saw value in the park,” said Ashwani Swamy, VP, Real Estate Infrastructure Management at Tata Communications.

Brookfield Asset Management had acquired the commercial complex Equinox Business Park with 1.25 million sq ft leasable area across 4 towers in 2018 for Rs 2,450 crore from its erstwhile owner and developer Essar Group. At that time, the business park had an occupancy level of around 40%.

β€œIn the last 12 months we have concluded several transactions for clients like TCL, Solvay and Greaves Cotton adding to 360,000 sq ft of leasing uptake at Equinox. We have seen a major transformation of this asset,” said Viral Desai, National Director, Knight Frank India.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *