Lehman Brothers Invests in Major Mumbai Development
Lehman Brothers Real Estate Partners has committed approximately US$175 million for a 50% stake in the first phase of a large-scale, meticulously planned project situated on Mumbai's Western Expressway. This venture is a collaborative effort between Unitech Ltd. and their local Mumbai-based partners, collectively known as the Western Expressway JV.
Project Details
This initial phase will see the construction of one million square feet of premium office space. This represents a significant portion of the overall projected development, which encompasses a staggering 18 million square feet. The financial commitment to this ambitious undertaking is shared equally, with Lehman Brothers Real Estate Partners and the Western Expressway JV each contributing 50% of the construction expenses.
Master Plan and Vision
The globally recognized architectural firm Skidmore, Owings & Merrill (SOM) has been entrusted with designing the master plan for the broader project. Their vision encompasses a mixed-use development spanning over 100 acres, incorporating office spaces, retail outlets, residential units, and hotel accommodations. Given the scarcity of land in Mumbai, the ability to manage and develop such a vast expanse presents a unique and compelling opportunity.
The joint venture aims to leverage this advantage by creating a landmark development in Mumbai, characterized by unified design and management. The developers envision a project reminiscent of internationally acclaimed developments such as Roppongi Hills in Tokyo, Canary Wharf in London, and Battery Park in New York.
Strategic Location
With Mumbai's commercial and social epicenter shifting towards Worli and Bandra, the project's strategic positioning becomes even more critical. The development's proximity to the well-established Bandra Kurla Complex (BKC), the upscale northern suburbs of Bandra, Khar, and Santacruz, combined with convenient access to the airport, major roadways, and public transportation, positions it as a highly desirable office location in Mumbai.
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