Mumbai: Global financial services firm JP Morgan has leased nearly 270,000 square feet of office space in Mumbai’s Powai area, committing rental payments of more than ₹612 crore over five years, according to property registration documents.
The lease, one of the largest enterprise commitments in India’s flexible workspace segment, underscores sustained demand from multinational corporations for Grade A office space in established commercial hubs despite a cautious global outlook.
JP Morgan Services India will occupy the ground floor and floors three to nine at One Downtown Central, formerly known as CRISIL House. The property is operated by Cowrks India, a managed workspace provider backed by Brookfield Properties, which is the sublessor. The building is owned by Kairos Properties, a Brookfield Group entity.
Under the agreement, the US-based lender will pay a monthly rent of ₹9.23 crore, with a 5% annual escalation. The lease commences on April 1 and runs for a period of five years. The tenant has also paid a security deposit of ₹55.38 crore, documents accessed through Propstack showed.
Ratings agency CRISIL had earlier owned the building but exited in 2021 after selling the property.
The transaction reflects growing preference among global occupiers for large, contiguous office floors that support operational scale, collaboration and efficiency. The leased premises have been designed to accommodate 2,381 seats and include 257 meeting rooms, indicating a high-density layout tailored for large teams and diversified functions.
JP Morgan’s lease adds to a series of large office transactions signed by global financial institutions in India, reinforcing the country’s role as a key hub for back-office operations, technology services and global capability centres, even as availability of quality Grade A office space tightens in core urban markets.
Cowrks India operates a portfolio of 45 centres across eight Indian cities, offering more than 2.1 million square feet of leasable area and managing over 26,500 desks. Of these, nine centres are located in Mumbai. Brookfield Properties, meanwhile, manages approximately 55 million square feet of office space across 10 cities in India.
