New York City-based Blackstone Group L.P. acquired a marquee office building in Mumbai’s Bandra Kurla Complex (BKC) for $357 million — this year’s largest commercial real estate deal. Owned and developed by Mumbai-based real estate firm Radius Developers, the eight-story building, One BKC, is spread across 700,000 square feet and is fully leased out to Bank of America, Facebook, Merrill Lynch, Cisco, and Amazon.
The company also plans to buy out Adani Realty’s 800,000 square feet commercial project, Inspire, located in the same area, for $271 million.
Blackstone has been aggressively buying property in India to build a large portfolio of marque commercial real estate. So far, it has invested $5.4 billion across 33 investments in India’s real estate sector. Of this, $4 billion has been invested in office assets alone.
