JP Morgan Services India has secured a substantial office lease in Mumbai, taking 2,71,955 sq ft of premium office space from Cowrks at One Downtown Central (Crisil House) Building in Powai. The lease agreement represents one of the significant commercial real estate transactions in Mumbai's office space market.

Lease Agreement Details

The lease agreement was executed in December between three parties: Cowrks India Pvt Ltd, JP Morgan Services India Pvt Ltd, and Kairos Properties Pvt Ltd, according to real estate data analytics firm CRE Matrix, which accessed the agreement from the Maharashtra government.

Property Structure and Ownership

The transaction involves a multi-layered leasing structure where Kairos Properties Pvt Ltd serves as the property owner, having leased the space to Cowrks India Pvt Ltd. Cowrks, which operates under Brookfield's ownership, has subsequently sub-leased the space to JP Morgan Services India. This arrangement reflects the growing trend of flexible workspace providers facilitating large corporate lease requirements.

Financial Terms and Escalation

The lease carries a starting monthly rent of ₹339.40 per sq ft, translating to ₹9.23 crore monthly rental outflow for JP Morgan. The agreement includes a structured rent escalation clause of 5% annually, ensuring rental growth over the 60-month lease period. The rent payments are scheduled to commence from April, providing JP Morgan time for any necessary fit-out activities.

Market Significance

This lease transaction underscores the continued demand for premium office space in Mumbai's established commercial corridors. The Powai location, housing the One Downtown Central building, represents a key business district that attracts multinational corporations and financial services firms seeking quality office infrastructure in Mumbai's commercial real estate landscape.

JPMorgan Services India Pvt Ltd has secured a substantial office lease in Mumbai's Powai area, taking 2.72 lakh sq ft of premium office space from Cowrks. The lease agreement, accessed by real estate data analytics firm CRE Matrix from the Maharashtra government, represents a significant commercial real estate transaction in Mumbai's corporate corridor.

Lease Agreement Details

The comprehensive lease arrangement involves multiple parties and substantial financial commitments:

Financial Terms and Structure

The lease agreement establishes significant monthly rental obligations with built-in escalation mechanisms:

The rental structure includes a 5% annual escalation clause, ensuring progressive rent increases throughout the 60-month lease term. This escalation mechanism reflects standard commercial real estate practices in Mumbai's premium office market.

Property Ownership Structure

The transaction involves a layered ownership and leasing structure. Kairos Properties Pvt Ltd owns the One Downtown Central building and has leased it to Cowrks India Pvt Ltd. Cowrks, owned by Brookfield, subsequently subleases the space to JPMorgan Services India. This arrangement demonstrates the growing trend of flexible workspace providers serving as intermediaries between property owners and large corporate tenants.

Market Significance

The lease agreement represents JPMorgan's continued expansion in India's financial services sector. The Powai location offers strategic advantages, being part of Mumbai's established business district with proximity to other major corporate offices and infrastructure facilities. The substantial space requirement indicates JPMorgan's long-term commitment to its Indian operations and potential workforce expansion plans.