JP Morgan Secures Prime Office Space in Mumbai's BKC: A ₹1,000 Crore Deal
In a significant move, JP Morgan has leased over 116,210 sq ft of office space in Sumitomo's commercial tower in Mumbai's Bandra-Kurla Complex (BKC). The deal, estimated at nearly ₹1,000 crore initially and potentially exceeding ₹2,500 crore overall, underscores the firm's commitment to expanding its presence in India.
Jp MorganMumbai Real EstateBkc Office SpaceLongterm LeaseCommercial PropertyReal Estate MumbaiJun 25, 2025
The rental outgo for this lease is estimated to be nearly ₹1,000 crore in the first 10 years alone, with total rentals over the full 25-year term expected to exceed ₹2,500 crore. This makes it one of the most significant long-term commercial commitments in the country’s most expensive property market.
The office, spread across the 11th and 12th floors of the under-construction building in BKC’s G Block, has been leased from Goisu Realty, Sumitomo Realty & Development Co’s Indian subsidiary. “The new office is expected to house JP Morgan’s India headquarters,” said persons with direct knowledge of the development.
As per the lease agreement, JP Morgan India will pay a monthly rent of ₹6.91 crore, based on a carpet area rate of ₹595 per sq ft, with an escalation of 15% every three years. The company has also paid a security deposit of ₹62.23 crore for the registration of the transaction, which took place on June 12.
Sumitomo is developing a commercial tower with 6 basements, a ground floor, and 12 upper floors on a 3-acre prime land parcel it acquired through a long-term lease agreement with the Mumbai Metropolitan Region Development Authority (MMRDA) for over ₹2,067 crore last year. Goisu Realty has picked up this land parcel through an 80-year lease agreement. It emerged as the highest bidder for the plot in 2019, but the conclusion of the deal took more than four years.
In August 2022, JP Morgan India leased over 1.16 million sq ft of office space at Nirlon Knowledge Park in Goregaon suburb of Mumbai through a long-term pact for over 10 years, with an option to extend the same by an additional 10 years. This was one of the largest commercial real estate transactions concluded by any multinational company anywhere in India.
India continues to cement its status as a strategic hub for American corporations, with US firms steadily expanding their office presence across the country. From Mumbai to Bengaluru, American occupiers are actively shaping the landscape of India’s commercial real estate sector.
Frequently Asked Questions
What is the total area leased by JP Morgan in BKC?
JP Morgan has leased over 116,210 sq ft of office space in Sumitomo's commercial tower in BKC.
What is the initial rental outgo for the lease?
The rental outgo for the initial 10-year term is estimated to be nearly ₹1,000 crore.
Can the lease be extended beyond the initial term?
Yes, the lease can be extended for up to three additional terms of five years each, extending the total duration to 25 years.
Who is the landlord of the property?
The property is owned by Goisu Realty, a subsidiary of Sumitomo Realty & Development Co.
Where is the office space located in BKC?
The office space is spread across the 11th and 12th floors of the under-construction building in BKC’s G Block.
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