JP Morgan Leases 2.7 Lakh Sq Ft of Cowrks’ Office Space in Mumbai’s Powai
Mumbai: Global financial services major JP Morgan has leased nearly 2.7 lakh sq ft of office space at Brookfield Properties-backed managed workspace provider Cowrks India’s One Downtown Central, formerly known as CRISIL House, in Mumbai’s Powai. The financial major will commit over Rs 612 crore in rentals over the next five years, making it one of the largest enterprise flexible workspace commitments in the country. This deal underscores the sustained demand from multinational occupiers for Grade A offices in established commercial hubs.
The deal assumes significance as it highlights the global corporate occupier’s preference for large, contiguous office floors that can support scale and operational efficiency. JP Morgan Services India will occupy the ground floor and floors three to nine of the tower and pay a monthly rent of Rs 9.23 crore. The lease commences from April 1 and spans a tenure of five years, including a 5% annual escalation in rentals. The tenant has also paid a security deposit of Rs 55.38 crore for the premises, as shown in documents accessed through Propstack.
The leased premises have been designed to accommodate a total seating capacity of 2,381 seats and include 257 meeting rooms, indicating a high-density, collaboration-led office layout tailored for large teams and diversified functions. Such specifications are increasingly being sought by multinational companies expanding their India operations across technology, analytics, risk management, and global capability centre functions.
This transaction adds to a growing list of large office deals signed by global financial institutions in India, reinforcing the country’s position as a critical hub for back-office, technology, and global capability operations amid tightening supply of quality Grade A office space in core urban markets. ET’s email queries to JP Morgan and transaction adviser JLL India remained unanswered, while Brookfield declined to comment.
Cowrks, the sublessor, leases the space from Brookfield Group entity Kairos Properties, which is the landlord of the building. Ratings agency Crisil had exited ownership of its earlier headquarters after selling the same in 2021. The lease by JP Morgan is a significant move that highlights the robust demand for high-quality office spaces in Mumbai’s established commercial hubs.
Powai has emerged as one of Mumbai’s key office destinations over the past decade, driven by its proximity to residential catchments, improved social infrastructure, and connectivity to both the western suburbs and central Mumbai. The area’s development has been bolstered by the presence of several leading companies and the availability of modern office spaces, making it an attractive location for multinational corporations looking to expand their operations in India.
Brookfield Properties, the parent company of Cowrks, has a portfolio of 45 operational centres in cities with over 2.1 million sq ft of leasable area and management of over 26,500 desks across India's eight key cities. Of these, nine centres are in Mumbai, and the company manages around 55 million sq ft across 10 cities. This extensive portfolio and strategic location in Powai make Cowrks a preferred choice for global companies like JP Morgan.
