Daijiworld Media Network - Mumbai
Mumbai, Jan 13: Global financial services giant JP Morgan has leased nearly 2.7 lakh square feet of premium office space in Powai, Mumbai, in one of the largest enterprise flexible workspace deals in India. The five-year lease involves rental payments exceeding Rs 612 crore, underscoring India’s growing importance as a hub for global financial and technology operations.
The office space is located at One Downtown Central in Powai, formerly known as CRISIL House. The property is owned by Brookfield Group entity Kairos Properties and is operated by Cowrks India. JP Morgan Services India will occupy the ground floor and floors three to nine of the building.
As per reports, the company will pay a monthly rent of Rs 9.23 crore, with the lease commencing on April 1 for a period of five years. The agreement includes a 5 per cent annual escalation in rentals. JP Morgan has also paid a security deposit of Rs 55.38 crore, according to property registration documents.
While Cowrks India is the sublessor in the deal, Kairos Properties remains the landlord. The property was earlier owned by ratings agency CRISIL, which sold it in 2021.
The newly leased premises have been designed for large-scale operations, featuring a seating capacity of 2,381 and as many as 257 meeting rooms, indicating a high-density, collaboration-driven workplace. Such configurations are increasingly favoured by multinational firms expanding their India footprint across technology, analytics, risk management and global capability centre functions.
The transaction adds to a series of large office space leases by global financial institutions in India, reaffirming the country’s position as a preferred destination for back-office and technology-led operations, even as the availability of Grade A office space tightens in major urban markets.
Cowrks India currently operates 45 centres across eight major Indian cities, offering over 2.1 million square feet of leasable area and more than 26,500 desks, including nine centres in Mumbai alone. Its parent, Brookfield Properties, manages around 55 million square feet of real estate across 10 cities in the country.
Powai, over the past decade, has emerged as a key commercial hub in Mumbai, supported by its proximity to residential zones, improved social infrastructure and strong connectivity to both western suburbs and central Mumbai.