JP Morgan Leases 2.71 Lakh Sq Ft Office in Mumbai
JP Morgan Services India has leased over 2.71 lakh sq ft of office space in Powai, Mumbai, from Cowrks, marking another major corporate leasing deal in the city’s commercial market.
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2.71 lakh sq ft office space leased at Powai’s One Downtown Central
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Starting monthly rent pegged at ₹9.23 crore
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Lease tenure of 60 months with 5% annual rent escalation
Global financial services major JP Morgan has expanded its corporate footprint in Mumbai by leasing a large office space spanning 2,71,955 square feet in Powai, according to data accessed by CRE Matrix.
The office space is located at One Downtown Central (Crisil House), a prominent commercial building in Powai, and has been taken on lease from Cowrks. The agreement reflects continued demand for high-quality commercial office assets in Mumbai despite evolving workplace strategies.
As per the lease documents reviewed by CRE Matrix from the Maharashtra government records, JP Morgan will pay a starting monthly rent of ₹9.23 crore, calculated at ₹339.4 per square foot. The lease tenure has been fixed at 60 months, with rental payments scheduled to begin from April.
The lease agreement was formally signed in December between Cowrks India Pvt Ltd, JP Morgan Services India Pvt Ltd, and Kairos Properties, which owns the property. Cowrks operates the office space and is backed by Brookfield Asset Management, strengthening its position as a major player in India’s flexible and managed office space segment.
The contract also includes a 5 per cent annual rent escalation clause, ensuring steady rental growth for the property owner over the lease period. Such escalation clauses have become standard in long-term corporate leasing deals, offering predictability to landlords while providing stability to tenants.
Industry experts note that large-format office leases by multinational corporations underline Mumbai’s continued relevance as a key financial and commercial hub. Areas such as Powai have gained prominence due to strong connectivity, availability of Grade-A office spaces, and proximity to residential and social infrastructure.
This transaction also signals confidence in managed and flexible workspace models, particularly among global firms seeking scalable and well-managed office environments. With major occupiers committing to long-term leases, Mumbai’s commercial real estate market continues to show resilience and depth, even amid changing global work patterns.
