JP Morgan rents 2.72 Lakh Sq Ft in Mumbai's Powai for ₹9.23 crore a month

Global banking major JP Morgan Services  has taken on lease nearly 2.72 lakh sq ft of office space at One Downtown Central (Crisil House) in Powai, Mumbai for a monthly rent of Rs 9.23 crore for a period of five years.

 

According to the registered leave-and-licence agreement, Cowrks India Private Limited has licensed out a total carpet area of 2,71,955 sq ft across the ground floor and floors 3 to 9 of the building to J.P. Morgan Services India. The deal was registered on December 29, 2025.

 

The agreement specifies a starting monthly rent of ₹9,23,08,642, translating to a per-sq-ft rent of ₹339.43. The lease tenure is 60 months (five years), with a lock-in period of 30 months for both parties.

 

 

Rent escalation has been fixed at 5% annually, a structure commonly seen in Grade-A commercial leases in Mumbai’s eastern business corridors.

 

The rent commencement date is April 1, 2026, giving the tenant a fit-out and transition window before commercial operations begin.

 

J.P. Morgan has paid a security deposit of ₹55,38,51,852, equivalent to roughly six months’ rent, in line with prevailing market norms for large institutional tenants.

 

The transaction also includes 312 car parking spaces.

 

Kairos Properties is the owner of the property and it has given on lease to Cowrks, which is owned by Brookfield.  J.P. Morgan’s total rental commitment over the five-year lease works out to approximately ₹612 crore, assuming a 5% annual escalation.