Swiss private banking firm Julius Baer's India arm has secured 74,037 square feet of chargeable office space in Andheri East, Mumbai, for its global capability centre (GCC) and commercial back-office operations. According to deal-related documents accessed through Propstack, the space is located on the seventh floor of Waterstones Business Park and is being leased from Striton Properties. The lease commenced on May 1, 2026, with a tenure of 60 months at a monthly rent of ₹1.55 crore, translating to ₹209 per square foot. The transaction involves a built-up area of 41,461 sq ft and a chargeable area of 74,037 sq ft, as reported by The Economic Times. The space will be used for the firm's global capability centre (GCC) and commercial back-office operations.
The total rental outgo over the lease period amounts to ₹102.6 crore, with Julius Baer Global Enterprise Services (India) paying a security deposit of ₹12.38 crore. As reported by Propstack, the rental amount is subject to an annual escalation of 5 per cent, providing cost protection over the lease term. The transaction was registered on July 22, 2026, as confirmed by property registration documents. The company has not responded to queries sent by Business Standard regarding the lease arrangement, while The Economic Times reports that email queries to Julius Baer and Brookfield remained unanswered until the time of going to press.
Global capability centres have emerged as a significant driver of India's office real estate market, accounting for 37 per cent of overall grade-A office demand since 2021, with 118 million square feet leased according to Colliers India. In the first half of 2026, GCCs leased 16.6 million square feet, representing a 46 per cent share of total grade-A office space uptake in the top seven Indian cities. The banking, financial services and insurance sector has been a key driver, accounting for 23 per cent of GCC leasing in H1 2026. Large office transactions of 100,000 sq ft and above anchored India's commercial office market during H1 2026, accounting for 28.2 million sq ft of leasing activity, according to Knight Frank India report released in July 2026. These large transactions contributed 59 per cent of the total office leasing volume of 48.0 million sq ft, underscoring the continued preference of large occupiers for Grade A office assets.
Mumbai is expected to anchor BFSI GCC operations, recording 1.2 million square feet of GCC leasing in H1 2026, representing a 7 per cent share of overall GCC leasing across the top seven Indian cities. According to Colliers, annual GCC leasing is projected at 35-40 million square feet for the next two years, with GCCs expected to account for 45-50 per cent of India's office space demand in 2026 and 2027. Waterstones Business Park is a commercial development in Andheri East, part of Mumbai's Airport Road office district, developed and managed by BGRE (formerly Brookfield Properties), comprising office space along with hospitality and other amenities. Mumbai continues to be an important location for financial services and corporate operations, with Julius Baer expanding its India operations through its global enterprise services business.
