Reflecting continued demand for premium managed workspaces, JP Morgan Services India Private Limited has taken on a large commercial office space in Mumbai’s Powai under a long-term lease arrangement.
According to property registration documents accessed by a data platform, JP Morgan has leased over 2.71 lakh sq ft of flexi office space at One Downtown Central in Powai for a period of 5 years. The total rental value of the transaction stands at ₹612 crore.
The office space is located in One Downtown Central, earlier known as CRISIL House, and spans floors 3 to 9 of the building. The property is operated by Brookfield Properties-backed Cowrks India, which manages the flexi workspace.
As per the registered documents, the lease agreement involves Cowrks Pvt Ltd as the space operator, JP Morgan as the tenant, and Kairos Property Pvt Ltd, also known as Brookfield Properties, as the landlord.
The lease tenure is 60 months, with a lock-in period of 30 months. The starting monthly rent is over ₹9.23 crore, while the total security deposit exceeds ₹55 crore. The agreement also allows for renewal of the lease for another 60 months after the initial term ends. The monthly rent will see an annual escalation of 5%.
The documents were registered on December 29, 2025. The lease commencement date is April 1, 2026. For the transaction, stamp duty of over ₹7 crore was paid along with a registration fee of ₹30,000. The lease also includes access to 312 car parking spaces.
Queries were sent to Cowrks Pvt Ltd, JP Morgan, and Brookfield Properties. The story will be updated if responses are received.
Earlier, in June 2025, JP Morgan Private Limited had pre-leased 1.16 lakh sq ft in a commercial tower under development in Mumbai’s Bandra Kurla Complex. The project is being developed by Goisu Realty Private Limited, a subsidiary of Japanese firm Sumitomo Realty & Development Company. The space was leased at a monthly rent of ₹6.91 crore, with possession expected by October 1, 2026.
Separately, in 2024, Morgan Stanley completed one of Mumbai’s largest office rental deals by leasing 10.01 lakh sq ft across 16 floors at Oberoi Commerze III in Goregaon East. The lease tenure exceeded 9 years, with a starting monthly rent of ₹15.96 crore.
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