JP Morgan leases 2.7 lakh sq ft Cowrks’ office space in Mumbai’s Powai

Mumbai: Global financial services major JP Morgan has leased nearly 2.7 lakh sq ft of office space at Brookfield Properties-backed managed workspace provider Cowrks India’s One Downtown Central, formerly known as CRISIL House, in Mumbai’s Powai, committing over Rs 612 crore in rentals over the next five years.

The deal assumes significance as one of the largest enterprise flexible workspace commitments in the country and underscores sustained demand from multinational occupiers for Grade A offices in established commercial hubs.

JP Morgan Services India will occupy the ground floor and floors three to nine of the tower and pay a monthly rent of Rs 9.23 crore.

The financial major has leased the space from Cowrks, which is the sublessor, while Brookfield Group entity Kairos Properties is the landlord of the building. Ratings agency Crisil had exited ownership of its earlier headquarters after selling the same in 2021.

JP Morgan lease commences from April 1, and spans a tenure of five years. The agreement includes a 5% annual escalation in rentals, and the tenant has also paid a security deposit of Rs 55.38 crore for the premises, showed the documents accessed through Propstack.

The transaction highlights a global corporate occupier’s preference for large, contiguous office floors that can support scale and operational efficiency.

The JP Morgan transaction adds to a growing list of large office deals signed by global financial institutions in India, reinforcing the country’s position as a critical hub for back-office, technology and global capability operations amid tightening supply of quality Grade A office space in core urban markets.

ET’s email queries to JP Morgan and transaction adviser JLL India remained unanswered, while Brookfield declined to comment.

The leased premises have been designed to accommodate a total seating capacity of 2,381 seats and include 257 meeting rooms, indicating a high-density, collaboration-led office layout tailored for large teams and diversified functions.

Such specifications are increasingly being sought by multinational companies expanding their India operations across technology, analytics, risk management and global capability centre functions.

The Brookfield Properties company has a portfolio of 45 operational centres cities with over 2.1 million sq ft a leasable area and management of over 26,500 desks across India's eight key cities. Of these, total 9 centres are in Mumbai. Brookfield Properties itself manages around 55 million sq ft across 10 cities.

Powai has emerged as one of Mumbai’s key office destinations over the past decade, driven by its proximity to residential catchments, improved social infrastructure, and connectivity to both the western suburbs and central Mumbai.