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Global financial services major JP Morgan has leased a large office space measuring nearly 2.72 lakh sq ft in Mumbai's Powai area, marking a significant commercial real estate transaction in the city's office market. The space is located at One Downtown Central (Crisil House) and has been taken on lease from Cowrks for a starting monthly rent of INR 9.23 crore. The lease tenure is for five years, with rentals commencing from April and an annual escalation of 5 percent. The deal highlights continued demand from multinational corporations for high-quality office assets in established business districts, supported by flexible workspace operators and institutional property owners.
JP Morgan has secured a substantial office lease in Mumbai, taking nearly 2.72 lakh sq ft of workspace at One Downtown Central (Crisil House) in Powai. The transaction reflects sustained interest from global financial institutions in India's commercial real estate market, particularly in well-established business locations that offer modern infrastructure and strong connectivity. Advertisement
The leased area measures 2,71,955 sq ft and has been taken from Cowrks India Pvt Ltd, a leading flexible workspace provider backed by Brookfield. The property is owned by Kairos Properties Pvt Ltd, which has leased the building to Cowrks, enabling the workspace operator to cater to large corporate occupiers such as JP Morgan.
The agreement, signed in December, sets the starting monthly rent at INR 339.4 per sq ft, translating into a total monthly rental outgo of approximately INR 9.23 crore. The lease tenure spans 60 months, with rent commencement scheduled from April. As part of the agreement, rentals will escalate by 5 percent annually, reflecting standard long-term commercial leasing structures in premium office assets.
Powai has emerged as one of Mumbai's key office micro-markets, attracting a mix of technology firms, financial services companies, and multinational corporates. Its proximity to residential hubs, availability of Grade A office stock, and access to major arterial roads have made it a preferred destination for large-format office requirements.
The transaction also underlines the growing role of managed and flexible office platforms in servicing enterprise-level demand. Corporates are increasingly opting for spaces that combine scalability, modern amenities, and operational flexibility without compromising on location or building quality.
JP Morgan's latest leasing move reinforces confidence in Mumbai's office market at a time when occupier activity is being driven by global capability centres, banking and financial services firms, and technology-led enterprises. Large, long-term leases such as this continue to provide stability and visibility to landlords and workspace operators, while underscoring India's position as a key hub for global corporate operations.
Source - PTI
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