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In a significant update regarding Jet Airways’ insolvency proceedings, Brookfield Asset Management, a major global investment firm, has acquired an additional office floor within the Godrej BKC commercial tower in Mumbai’s Bandra-Kurla Complex for ₹370.25 crore, according to sources familiar with the matter.
The transaction was executed under the Insolvency and Bankruptcy Code (IBC) and supervised by the National Company Law Tribunal (NCLT). Initially, Bank of Baroda was the highest bidder, but Brookfield utilized its right of first refusal to match the bid and secure the property.
With this recent acquisition, Brookfield now holds approximately 250,000 sq ft across three contiguous floors in the 19-story premium commercial tower, including exclusive parking rights. Additionally, the deal transfers Jet Airways’ seat on the building’s management board to Brookfield, enhancing its involvement in operational and strategic decisions regarding the property.
This transaction highlights the allure of prime office spaces in BKC, even though the asset was sold on an ‘as is where is’ basis. Previously sealed by the Municipal Corporation of Greater Mumbai over unpaid dues, the floor was de-sealed in April following directives from the NCLT. Industry insiders report that multiple end-user occupiers expressed interest during the bidding process and are anticipated to pursue leasing options for the space.
Rental prices in BKC have surged by approximately 30% over the past three to four years, fueled by a limited supply of new spaces and strong demand from multinational corporations and financial institutions.
Currently, rental rates at Godrej BKC range between ₹650 and ₹700 per sq ft monthly, on a carpet area basis, positioning it among Mumbai’s most expensive office locales.
Brookfield is not a newcomer to this property. In 2020, as part of the ongoing insolvency proceedings, it acquired two floors in the same building for ₹490 crore, which are now fully leased to prestigious tenants like the World Bank and PayPal, ensuring consistent rental income.
RealtyDailyNews’s email inquiry to Jet’s liquidator, Satish Kumar Gupta, went unanswered, and Brookfield declined to comment.
This latest acquisition aligns with Brookfield’s broader strategy to expand its premium commercial real estate portfolio in Mumbai. Recently, it also secured plot C-80 in BKC, a prime two-acre site with development potential exceeding 3.6 lakh sq ft, further solidifying its presence in the city’s financial hub.
Developed collaboratively by Godrej Properties and Jet Airways, Godrej BKC has been a highly sought-after business address since its completion in 2011. Its prime location, quality design, and tenant profile ensure it remains a key player in Mumbai’s Grade-A office market, making Brookfield’s expanded ownership a strategic long-term investment in the city’s commercial growth.
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