JP Morgan Secures Major Office Space in Mumbai’s Powai for Five Years

JP Morgan Services India Private Limited has secured a significant commercial office space in Mumbai’s Powai, leasing over 2.71 lakh sq ft for a five-year term at a total rental value of ₹612 crore. According to property registration documents accessed by CRE Matrix, the office space is located in One Downtown Central, formerly known as CRISIL House.

The leased space spans the 3rd to the 9th floors of the building. The lease agreement involves Cowrks Pvt Ltd, which manages the space, JP Morgan as the tenant, and the property landlord, Kairos Property Pvt Ltd, also known as Brookfield Properties.

The office space was leased for a period of 60 months, with a lock-in period of 30 months. The starting monthly rent is over ₹9.23 crore, and a total security deposit of over ₹55 crore was provided. The agreement includes a clause for renewing the lease for an additional 60 months upon the expiry of the initial term. The monthly rent for the office space will increase by 5% annually.

The lease commencement date for the transaction is April 1, 2026, and a stamp duty of over ₹7 crore was paid for the transaction, along with a registration fee of ₹30,000, as shown in the documents registered on December 29, 2025. The commercial office space was leased along with a total of 312 car parking spaces.

JP Morgan has been active in the Mumbai real estate market. In June 2025, the company pre-leased 1.16 lakh sq ft in a commercial tower being developed by Goisu Realty Private Limited, a subsidiary of the Japanese firm Sumitomo Realty & Development Company, in Mumbai’s Bandra Kurla Complex (BKC). The monthly rent for this space was ₹6.91 crore, as per documents accessed by Propstack.

The tower, located on Plot No. 65 in G Block of Mumbai’s Bandra Kurla Complex (BKC), is expected to be handed over by October 1, 2026. This lease deal was part of a long-term tenure of 10 years.

In 2024, one of the largest office rental deals in Mumbai was secured by global financial services giant Morgan Stanley, which leased 1 million square feet of office space for over nine years at a starting monthly rental of ₹15.96 crore. According to property registration documents accessed through the real estate data analytics platform Propstack, the space leased by Morgan Stanley Advantage Services Private Limited spans 16 floors in Oberoi Commerze III, situated in Mumbai's Goregaon East suburb, within Oberoi Garden City. The total chargeable area is 10.01 lakh square feet.

These significant lease deals highlight the robust demand for commercial office space in Mumbai, particularly in key business districts like Powai and Bandra Kurla Complex. The city continues to attract major financial institutions and corporations, contributing to the growth and development of its real estate market.