Crisil Secures 15-Year Lease for New Office in Mumbai's Saki Vihar
Rating agency Crisil Ltd has secured over 2.5 lakh sq ft of office space in Mumbai’s Saki Vihar area through a long-term lease, marking one of the city’s largest single-tenant office deals in recent months. The company has leased the space spread across six floors of the commercial tower Lightbridge, jointly owned by the Hiranandani brothers, for a tenure of 15 years, starting from 31 August 2025. The premises will be known as Crisil House, Lightbridge, in line with the company’s headquarters branding at Powai.
Interestingly, the existing 177,000 sq ft head office at One Downtown Central in Powai, which was also leased, has now been leased by the landlord Brookfield Properties to CoWrks India. Crisil had previously sold its erstwhile headquarter property in Andheri in 2021.
The ratings agency will be paying a monthly rent of Rs 2.35 crore for the new office, with an agreement that includes an annual escalation of 4.77% on rent. The deal also includes a security deposit of Rs 38.2 crore, as shown by the registration details accessed through Propstack.
This move is seen as part of Crisil’s workspace consolidation and expansion strategy, aligning with the broader trend of large occupiers securing large office spaces through long-term leases amid limited new supply in key micro-markets. CoWrks’ fresh lease is initially for seven months to enable the coworking operator to complete fitouts for its managed office services. The lease covers the ground and 3rd to 9th floors, with a monthly rent of Rs 3.88 crore and a security deposit of Rs 23.33 crore, as shown by the registration documents.
The Hiranandani Group confirmed the deal, while Crisil and Brookfield did not respond to ET’s email queries. The two back-to-back deals highlight the evolving dynamics of Mumbai’s office market, where established corporates are consolidating or upgrading to new-age campuses, while flexible workspace operators are expanding aggressively to capture demand from enterprises seeking managed solutions.
Market experts say the transactions underscore strong absorption and low vacancy in prime micro-markets such as Powai and Saki Vihar. “This is a classic example of healthy churn, where a blue-chip occupier moves into a larger, newer office and the vacated space is immediately picked up by a coworking player,” said a senior property consultant. “It reflects the depth of demand and the growing interplay between traditional and flexible workspace formats.”
Crisil’s relocation and CoWrks’ entry together account for over 4.2 lakh sq ft of leasing activity, adding to the city’s robust office absorption this year. The transactions also reinforce Mumbai’s status as a core occupier market, where expansion, relocation, and flexible space demand continue to drive leasing momentum.
