JPMorgan leases 2.7-lakh sq ft in Mumbai's Powai, commits over Rs 600 crore in five years

JP Morgan leases 2.7-lakh sq ft in Powai, commits over Rs 600 crore in five years

• JPMorgan leases 2.7 lakh sq ft office space in Powai, Mumbai for Rs 612 crore
• Lease starts April 2026, includes ground and 3rd-9th floors, 2,381 seats, 257 rooms.
• Powai emerges as a preferred office hub for global financial and tech firms

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Banking giant JPMorgan's India arm has leased 2.7 lakh square feet of office space at Powai in Mumbai with a rental commitment of over Rs 600 crore in five years, according to documents accessed by real estate data analytics firm Propstack.

JPMorgan has leased the space from COWORKS at One Downtown Central (CRISIL House). The building was earlier occupied by CRISIL, which taken up by COWRKS and then leased to JPMorgan. Market observers said that the latest deal is part of the company’s long-term GCC expansion plans.

According to document, the lease will start from April 1, 2026, and the tenure of the lease is five years. The tenants will also have an option of renewing the lease after five years for another five years.

The monthly rent is Rs 9.23 crore and in five years the total rent will translate to Rs 612 crore after considering 5 percent yearly escalation in rentals, the documents showed.

The tenant paid a stamp duty and registration fee of Rs 7.28 crore for the transaction. The company also made a security deposit of Rs 55.38 crore. The deal was executed on Dec 29, 2025.

The deal includes ground and 3rd to 9th floor of the building with total leasable area of 2.71 lakh square feet and carpet area of 1.77 lakh square feet. Kairos Properties Private Limited owns the building, which is a part of Brookfield India Real Estate Trust.

There was no immediate response available from J Morgan and COWRKS towards queries sent by Moneycontrol. The copy will be updated after receiving a response.

The premises leased by JPMorgan is designed for total 2,381 seats, 257 meeting rooms.

Raja Seetharaman, Cofounder of Propstack, said that the deal allows Brookfield to capture value across the entire lifecycle—refilling the vacated CRISIL space via COWRKS while securing a long-term development deal.

“For JPMorgan, it’s a seamless expansion in Powai, bridging the gap between their immediate needs and the delivery of their massive 1.3 million sqft campus,” he said.

Earlier in June 2025, JPMorgan has leased 1.16 lakh square feet of office space at an under-construction development by Japanese firm Sumitomo Realty and Development's India subsidiary Goisu Realty at Bandra Kurla Complex in Mumbai for a monthly rent of Rs 6.91 crore.

Powai’s rise as an office destination

Market observers said that Powai’s proximity to key business corridors like Andheri, SEEPZ, Vikhroli and the Eastern Express Highway, along with improving social infrastructure, has made it attractive for BFSI, IT and global capability centres (GCCs).

Analysts said that the latest transaction underscores Powai’s growing stature as a preferred office hub for global financial services and technology firms, at a time when occupiers are increasingly seeking high-quality office spaces beyond Mumbai’s traditional business districts such as Bandra-Kurla Complex (BKC) and Nariman Point.

JPMorgan’s leasing move comes amid a broader trend of global financial institutions expanding their India footprint driven by cost efficiencies, access to skilled talent and India’s growing role in global financial services operations.