JPMorgan Leases 2.72 Lakh Sq Ft Office Space From Cowrks in Mumbai's Powai
JPMorgan Services India has leased 2.72 lakh sq ft office space at One Downtown Central in Mumbai's Powai from Cowrks for ₹9.23 crore monthly rent. The 60-month lease agreement, signed in December, features a starting rate of ₹339.40 per sq ft with 5% annual escalation, with rent payments beginning in April. The property is owned by Kairos Properties and leased to Cowrks (owned by Brookfield), which subleases to JPMorgan.
*this image is generated using AI for illustrative purposes only.
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:
| Parameter: | Details |
|---|---|
| Lessee: | JPMorgan Services India Pvt Ltd |
| Lessor: | Cowrks India Pvt Ltd |
| Property Owner: | Kairos Properties Pvt Ltd |
| Location: | One Downtown Central (Crisil House) Building, Powai |
| Area: | 2,71,955 sq ft |
| Lease Duration: | 60 months |
| Agreement Date: | December |
Financial Terms and Structure
The lease agreement establishes significant monthly rental obligations with built-in escalation mechanisms:
| Financial Metric: | Amount |
|---|---|
| Rate per sq ft: | ₹339.40 |
| Starting Monthly Rent: | ₹9.23 crore |
| Rent Commencement: | April |
| Annual Escalation: | 5% |
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.
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