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Standard Chartered Bank has sold a commercial office space in the Parinee Crescenzo tower at Mumbai's Bandra Kurla Complex (BKC) to Advanced Realty for INR 197 crore. The property has a chargeable area of 28,516 sq ft, carpet area of 27,003 sq ft, and 27 car parking slots, priced at about INR 69,084 per sq ft. The transaction reflects a wider trend of corporates monetising owned assets to unlock capital and adopt asset-light strategies, while BKC continues to be a highly preferred office micro-market with sustained investor and occupier interest.
Standard Chartered Bank recently completed the sale of a commercial office in the Parinee Crescenzo tower at Mumbai's Bandra Kurla Complex to Advanced Realty for INR 197 crore. The office spans a chargeable area of 28,516 sq ft and a carpet area of 27,003 sq ft, with 27 dedicated car parking slots. This translates to roughly INR 69,084 per sq ft on the chargeable area. The deal was officially registered earlier this week, according to documents accessed through the property analytics platform Propstack. Advertisement
Parinee Crescenzo hosts a mix of multinational corporations, banks, financial services companies, and professional services firms. Standard Chartered Bank continues to operate from other spaces within the same building, maintaining its presence in this prime commercial hub. The bank, however, declined to comment on the sale.
Industry experts view this transaction as part of a larger trend of corporate portfolio rebalancing. Many companies, particularly financial institutions and multinational occupiers, are selling owned office assets to unlock capital or transition to asset-light models. This approach allows firms to retain operations in prime locations while opting for long-term leases over outright ownership. Over the past few years, changing workplace strategies, hybrid work adoption, and revised capital allocation priorities have prompted firms to reassess office holdings, even in top business districts like BKC.
Bandra Kurla Complex remains one of Mumbai's most sought-after office micro-markets due to its central location, robust infrastructure, and concentration of financial and corporate tenants. The limited supply of high-quality office spaces, coupled with stable occupier demand, ensures that properties like those in Parinee Crescenzo continue to attract both investors and end-users. While office markets in other Indian cities have shown uneven growth, BKC has maintained resilience, supported by sustained interest from sectors such as finance, legal, consulting, and technology. Analysts expect ongoing transactions in the area, primarily for selective acquisitions of well-located, premium assets.
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