The Teachers Insurance and Annuity Association of America College Retirement Equities Fund (TIAA) has taken up around 1.25 lakh sq ft office space at Brookfield Asset Management's Winchester commercial tower located at Powai in Mumbai, Maharashtra.
TIAA, formerly TIAA-CREF, has taken over this office space on the seventh and eighth floors, with a hard option to extend to the sixth floor.
The monthly rent has been set at Rs 140 per sq ft.
The commercial building is a special economic zone (SEZ) which came into Brookfield’s commercial portfolio following the Canada-based investor’s acquisition of Hiranandani Group's offices and retail space in Mumbai’s Powai suburb for about USD one billion in 2016.
Winchester has a leasable area of seven lakh sq ft spread across 13 office floors and four parking floors. It is part of the 17 acre One South Avenue campus in the Powai suburb, and it has 2.5 million sq ft of built-up area spread across four towers, making it a low-density project.
Currently, the entire campus is being upgraded with the biophilic design helping create large green spaces. Over the past two years, Brookfield has been refurbishing the project including Winchester with the addition of social infrastructure and sports amenities for employees of tenants.
Deloitte, Nomura, Tata Consultancy Services (TCS), Baker Hughes and Cognizant are some of the key occupants across the One South Avenue campus.
TIAA is a leading provider of secure retirement and outcome-focused investment solutions to millions of people and thousands of institutions.