JP Morgan Services India leases 2.71 lakh sq ft office space in Mumbai’s Powai for more than ₹600 crore

The office space, located in One Downtown Central (formerly known as CRISIL House), spans the 3rd to the 9th floors of the building.

The lease agreement involves Cowrks Pvt Ltd, which manages the space, JP Morgan as the tenant, and the property landlord, Kairos Property Pvt Ltd, also known as Brookfield Properties, as per the documents.

The office space was leased for a period of 60 months, with a lock-in period of 30 months, at a starting monthly rent of over ₹9.23 crore and a total security deposit of over ₹55 crore.

The agreement includes a clause for renewing the lease for an additional 60 months upon expiry of the initial 60-month term. The monthly rent for the office space will increase by 5% annually, as per the documents, which were registered on December 29, 2025.

The lease commencement date for the transaction is April 1, 2026 and a stamp duty of over ₹7 crore was paid for the transaction along with a registration fee of ₹30,000, the documents showed.

The commercial office space was leased along with a total of 312 car parking spaces, the documents show.

An email query was sent to Cowrks Pvt Ltd, JP Morgan, and Brookfield Properties. The story will be updated if a response is received.

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JP Morgan Private Limited was in the news in June 2025 for pre-leasing 1.16 lakh sq ft in a commercial tower being developed by Goisu Realty Private Limited, a subsidiary of the Japanese firm Sumitomo Realty & Development Company, in Mumbai’s Bandra Kurla Complex (BKC), for a monthly rent of ₹6.91 crore, documents accessed by Propstack showed.

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Japanese conglomerate Sumitomo’s commercial tower in Mumbai’s business district Bandra-Kurla Complex (BKC), through a long-term lease tenure of 10 years. Located on Plot No. 65 in G Block of Mumbai’s Bandra Kurla Complex (BKC), the tower is expected to be handed over by October 1, 2026, they showed.

In 2024, in one of the largest office rental deals in Mumbai, global financial services giant Morgan Stanley leased 1 million square feet of office space for over nine years at a starting monthly rental of ₹15.96 crore, according to property registration documents accessed through the real estate data analytics platform Propstack.

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According to the documents, the space leased by Morgan Stanley Advantage Services Private Limited spans 16 floors in Oberoi Commerze III, situated in Mumbai’s Goregaon East suburb, within Oberoi Garden City. The total chargeable area is 10.01 lakh square feet.