Global financial services leader JP Morgan has made a significant real estate move in Mumbai. The company has leased a massive office space totaling nearly 2.7 lakh square feet in the Powai area. This deal involves rental payments surpassing Rs 612 crore over a five-year period, establishing it as one of India's largest enterprise flexible workspace leases.
Details of the Powai Office Lease
JP Morgan Services India will occupy the ground floor along with floors three through nine at One Downtown Central. This building was previously known as CRISIL House. The commercial property belongs to Kairos Properties, an entity under the Brookfield Group. Cowrks India operates the facility.
The lease officially begins on April 1 and will run for five full years. Monthly rent payments will amount to Rs 9.23 crore. A standard 5% annual escalation applies to these rentals. JP Morgan has also provided a security deposit of Rs 55.38 crore for the premises.
Transaction Structure and Property History
In this arrangement, Cowrks acts as the sublessor while Kairos Properties serves as the direct landlord. Ratings agency Crisil originally owned the property but sold it in 2021, completing their exit from the asset.
The newly leased office space features a design supporting large-scale operations. It offers seating for 2,381 employees and includes 257 meeting rooms. This layout emphasizes high density and collaboration, reflecting current workplace trends favored by global corporations.
Broader Market Implications
This transaction joins a growing list of major office leases secured by global financial institutions across India. It reinforces the country's position as a crucial hub for back-office functions and technology-driven operations. This trend continues even as availability of premium Grade A office space tightens in key urban markets.
Global firms expanding their Indian presence increasingly prefer such collaborative workspaces. These facilities support technology teams, analytics units, risk management departments, and global capability centers.
Players in the Flexible Workspace Sector
Cowrks India currently operates 45 centers spread across multiple cities. Their portfolio includes over 2.1 million square feet of leasable area with more than 26,500 desks. They maintain nine centers in Mumbai alone among eight major Indian cities.
Brookfield Properties, the parent group, manages approximately 55 million square feet of real estate assets across ten cities nationwide.
Powai's Rise as an Office Destination
Over the past decade, Powai has emerged as a prominent office location within Mumbai. Several factors contribute to its popularity. The area offers proximity to residential neighborhoods, improved social infrastructure, and strong connectivity to both western suburbs and central city parts.
This strategic location makes Powai particularly attractive for corporations seeking accessible yet premium office spaces in India's financial capital.
