Hines and Kanakia have worked on the trophy project for over a year (Image: Hines)
US builder Hines has partnered with India’s Kanakia Group and Japanese giants Mitsubishi Estate and Sumitomo Corporation to develop a high-end office project in central Mumbai.
The Kohn Pedersen Fox-designed building will span 1.5 million square feet (139,355 square metres) atop a 3 acre (1.2 hectare) site, Hines said Friday in a release. Located in the Greater Bandra Kurla Complex and described as a “trophy” office development, the project is a joint venture of Houston-based Hines, Mitsubishi Estate and Sumitomo, with Kanakia as the land partner.
Amit Diwan, senior managing director and head of India at Hines, said the milestone reflects the privately held developer and fund manager’s commitment to deepening its presence in Mumbai, where the firm also has a 30-storey office project under construction.
“Given India’s strong demographic tailwinds, along with the right fundamentals and market conditions, we’ve been seeing more investor interest in the country and continued demand for our office and residential projects,” Diwan said. “This project is an excellent addition to our India portfolio, and we look forward to delivering the highest quality development that Hines is known for.”
Views and Connections
The new development is set to overlook more than 200 acres of the University of Mumbai campus and benefit from connectivity via the BKC Connector Road, the Santacruz-Chembur Link Road extension, future Metro lines and the Mumbai-Ahmedabad Bullet Train terminus, Hines said.
Hines managing director and country head for India Amit Diwan
The project aims to achieve top-tier sustainability and smart building certifications, including USGBC LEED, WELL, WiredScore and SmartScore, with plans to feature top-tier amenities, F&B and retail space.
“Hines and Kanakia teams have worked on this project jointly for over a year already, and the project is progressing very well,” Diwan said. JLL served as the sole transaction advisor on the joint venture.
Mumbai-based Kanakia has developed more than 15 million square feet of residential, commercial, entertainment, education and industrial spaces since establishing its core real estate business in 1997.
“This site holds special significance for us, and we are confident that Hines will bring a world-class product that will set new standards in India,” said group chairman Rasesh B Kanakia.
Portfolio Hits a Dozen
Since establishing its presence in India in 2006, Hines has expanded its portfolio to 12 office and residential projects in the key markets of Delhi NCR, Mumbai, Bangalore, Pune and Ahmedabad.
In January, Hines revealed plans to join a trio of Indian partners in developing a residential-led mixed-use complex on the site of a former cotton mill in Delhi. The project will feature 3 million square feet of condo residences and retail spaces on 10 acres in the northern neighbourhood of Kamla Nagar.
The Birla Cotton Mills project adds to the Hines portfolio in Delhi NCR, where the firm teamed with India’s Pioneer Urban last year to develop a $180 million office property southwest of the capital in Gurugram.
Other Hines office projects in Gurugram include One Horizon Centre, completed in 2014 as the firm’s first project in India, and Atrium Place, a four-building complex with delivery anticipated in 2025. Both are joint developments with Indian real estate giant DLF.
The US firm also partnered with Shyam Telecom on development of Gurugram’s Skyview Corporate Park, which completed its first phase of 235,000 square feet in 2015.
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