JP Morgan's India arm leases 2.7 lakh sq ft in Powai for ₹612 crore

JP Morgan India leases 2.7 lakh sq ft in Powai for ₹612 crore over five years, opting for a premium managed office space operated by Cowrks

Global financial services firm JP Morgan’s India arm — JP Morgan Services India Private Limited — has leased 2.7 lakh square feet of office space in Powai, Mumbai, with a rental commitment of about ₹612 crore over five years.

 

According to lease-related documents accessed through Propstack, a real estate data analytics firm, JP Morgan will pay a starting monthly rent of ₹9.23 crore, translating to approximately ₹339 per square foot per month, with an escalation of 5 per cent scheduled every year.

 

The leased space is located in One Downtown Central (Crisil House), Powai, and is managed by Cowrks India, a managed and flexible workspace provider backed by Brookfield Properties.

 

Kairos Properties Private Limited is the landlord for the deal, while Cowrks is the sublessor. Earlier, in October 2025, the space was vacated by global analytics firm Crisil and taken up by Cowrks.

 

The lease will start on April 1, 2026. JP Morgan has also paid a security deposit of ₹55.38 crore for the space. The leased premises can accommodate 2,381 seats and have 257 meeting rooms across the ground floor and floors 3 to 9, with a carpet area of 1.76 lakh square feet.

 

Average office rent in Powai stood at ₹143 per square foot per month in 2025, up 6.71 per cent year-on-year (YoY), according to Propstack. Experts point out that rentals for the transaction should be viewed in context. The premises form part of a fully managed office facility operated by Cowrks, requiring no capital expenditure from the tenant, which typically commands a premium over conventional office leases in the micro-market.

 

Last month, JPMorgan Chase entered a built-to-suit lease agreement with Brookfield Properties to house the American investment banking firm’s global capability centre (GCC) in Powai. The GCC will be Asia’s largest, with JPMorgan Chase being its sole occupier with a lease term of 20 years. As the majority owner, Brookfield Asset Management will invest $1 billion to develop the GCC.

 

Raja Seetharaman, co-founder of Propstack, said: “This deal allows Brookfield to capture value across the entire lifecycle — refilling the vacated Crisil space via Cowrks while securing a long-term development deal. For JP Morgan, it’s a seamless expansion in Powai, bridging the gap between their immediate needs and the delivery of their massive 1.3 million square feet campus.”

 

In June 2025, JP Morgan Pvt Ltd pre-leased 1.16 lakh square feet of office space in a commercial project in Mumbai’s Bandra Kurla Complex (BKC), which is being developed by Goisu Realty, a group company of Japan’s Sumitomo Realty & Development, for 10 years.

 

JP Morgan India will pay a monthly rent of ₹6.91 crore for the space, translating to ₹595 per square foot per month. The rent will escalate by 15 per cent after every three years. The lease will start on the proposed date of handover, which is October 1, 2026.