CRISIL moves Mumbai headquarters to Saki Vihar Road, to pay nearly Rs 600 cr rent over 15 yrs

CRISIL's former headquarters at Hiranandani Gardens, Powai

Rating agency CRISIL has moved its Mumbai headquarters from its former Hiranandani Gardens, Powai premises to the Lightbridge IT Park at Saki Vihar Road in Andheri East. CRISIL is leasing 2.5 lakh square feet space at Lightbridge for a 15 year period, for which it is slated to pay Rs 597.30 crore as rent, according to lease documents accessed by Propstack.

The documents show that CRISIL's lease on the property, spanning the tenth to the 15th floor, started on August 31, with the firm paying a monthly rent of Rs 2.35 crore, translating to a starting per square foot per month rate of Rs 94. The lease agreement has a 4.77 percent annual increase built into it through the 15 year tenure.

Moneycontrol has written to CRISIL to seek comment on the property deal, and the story will be updated once a response is received.

CRISIL, India's first rating agency and now part of the global ratings giant S&P Global, was earlier based at the One Downtown Central development in Hiranandani Gardens in Powai, and the building was known in the area as CRISIL House. It occupied the third to the ninth floor of the building, spanning around 1.77 lakh square feet in chargeable area.

Managed office future

The One Downtown Central property is owned by Kairos Properties, part of the Brookfield-sponsored Brookfield India Real Estate Trust.

Kairos has now leased the property to Cowrks, a managed space operator that is part of the Brookfield group, for a seven month lease in order to carry out fitouts for use as a managed office, according to registration documents accessed by Propstack. The lease to Cowrks started on September 1, according to the registration documents.

Cowrks will pay a monthly rent of around Rs 3.89 crore for the duration of a lease to carry out fitouts, and deliver it by March 2026, the documents state. Brookfield owns a large number of properties in the Hiranandani Gardens area, buying almost the entirely of the Hiranandani Group's commercial and retail properties for around $1 billion in 2016.

Moneycontrol has written to Brookfield for comment regarding the transaction, and the story will be updated once a response is received.