Global financial services major JP Morgan has leased nearly 2.7 lakh sq ft of office space in Mumbai’s Powai. The deal involves rental payments of over Rs 612 crore over five years, making it one of India’s largest enterprise flexible workspace leases.The office space has been leased by JP Morgan at One Downtown Central, formerly known as CRISIL House. The commercial property was owned by Brookfield Group entity Kairos Properties and operated by Cowrks India.JP Morgan Services India will occupy the ground floor and floors three to nine of the building, paying a monthly rent of Rs 9.23 crore. The lease begins on April 1 and will run for five years, with a 5% annual escalation in rentals, according to ET. The company has also paid a security deposit of Rs 55.38 crore, according to documents accessed through Propstack.While Cowrks is the sublessor in the transaction, Kairos Properties is the landlord of the asset. Ratings agency Crisil had earlier owned the property but exited after selling it in 2021.The leased premises have been designed to support large-scale operations, with a seating capacity of 2,381 and as many as 257 meeting rooms, pointing to a high-density and collaboration-focused workplace. Such layouts are increasingly preferred by global firms expanding their India presence across technology, analytics, risk management and global capability centre functions.The transaction adds to a growing list of large office leases by global financial institutions in India, reinforcing the country’s role as a key hub for back-office and technology-led operations, even as the supply of quality Grade A office space tightens in core urban markets.Cowrks India currently operates 45 centres across cities, with over 2.1 million sq ft of leasable area and more than 26,500 desks across eight major Indian cities, including nine centres in Mumbai. Brookfield Properties, the parent group, manages around 55 million sq ft of real estate across 10 cities.Powai has emerged as a prominent office destination in Mumbai over the past decade, supported by its proximity to residential areas, improved social infrastructure and strong connectivity to both the western suburbs and central parts of the city.
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