JP Morgan Services India Private Limited has leased more than 2.71 lakh sq ft of commercial office space in Mumbai’s Powai for a five-year term at a total rental value of ₹612 crore, according to property registration documents accessed by CRE Matrix.
The office space, located in One Downtown Central (formerly known as CRISIL House), spans the 3rd to the 9th floors of the building.
The global financial services firm has leased the flexi office space at Brookfield Properties-backed managed workspace provider Cowrks India's One Downtown Central in Mumbai's Powai, the documents showed.
The lease agreement involves Cowrks Pvt Ltd, which manages the space, JP Morgan as the tenant, and the property landlord, Kairos Property Pvt Ltd, also known as Brookfield Properties, as per the documents.
The office space was leased for a period of 60 months, with a lock-in period of 30 months, at a starting monthly rent of over ₹9.23 crore and a total security deposit of over ₹55 crore.
The agreement includes a clause for renewing the lease for an additional 60 months upon expiry of the initial 60-month term. The monthly rent for the office space will increase by 5% annually, as per the documents, which were registered on December 29, 2025.
The lease commencement date for the transaction is April 1, 2026 and a stamp duty of over ₹7 crore was paid for the transaction along with a registration fee of ₹30,000, the documents showed.
The commercial office space was leased along with a total of 312 car parking spaces, the documents show.