Hines plans to develop 900,000 sq ft office building in Mumbai foray
US-based real estate investment firm Hines Ltd has forayed into the Mumbai market and will develop an office building comprising 9 lakh square feet of leasable area.
In India, Hines has completed two commercial projects -- 'One Horizon Center' and 'Skyview Corporate' -- in Gurugram comprising 1.4 million square feet. The company has exited from investments in these two projects. At present, it has over 16 million square feet of development across Bengaluru, Delhi-NCR, and Pune.
In a statement on Monday, Hines said it has entered into the Mumbai office market with a new development that will feature a 30-storey grade A office building.
"The project will have 9,00,000 square feet of office leasable area and will be built to the highest international quality standards, keeping in mind the evolving tenant preferences of better build quality, as well as health and safety in a post-pandemic world," it added.
Sources said the company has tied up with a local developer who owns the land to build this project on a development management (DM) model.
This building, part of an 8.8-acre mixed-use development, is scheduled to break ground in the first quarter of 2023 and be completed in the fourth quarter of 2025.
"This is an opportune time for Hines to enter the Mumbai office market given the strong growth in global capability centers and financial services companies opening there and the availability of a high-class talent pool," said Amit Diwan, senior managing director and India country head, Hines.
Monish Krishna, managing director - development at Hines, said this project will deliver on the highest international specifications focusing on sustainability, reduction of operational carbon, enhanced indoor air quality as well as placemaking and identity.
"Based on our global experience and local expertise, we are well positioned to bring an office experience that will deliver value to occupiers at every step," he said.
This project, Hines said, highlights the company's continued commitment to the India office market following its entry into Pune last year through a partnership with Goel Ganga Corporation.
In April 2022, Hines had tied up with DNR group to develop a premium commercial project in Bengaluru comprising two million square feet of leasable area. The project 'DNR Nagavara' will be developed on a 11.3-acre land parcel and is located in an established micro market adjacent to Manyata Tech Park and Karle Town Centre in North Bengaluru.
With DNR as the project owner and Hines as the development manager, the total leasable area of the project is estimated to be two million square feet. It is expected to be completed by the fourth quarter of 2026.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. It oversees investment assets under management totalling approximately USD 90.3 billion.
In addition, Hines provides third-party property-level services to 373 properties totalling 114.2 million square feet.
Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totalling over 511 million square feet. The firm currently has more than 198 developments underway around the world.