JP Morgan Services India Private Limited has expanded its Mumbai presence by leasing over 2.71 lakh sq ft of office space at One Downtown Central, Powai (formerly CRISIL House). The five‑year lease, valued at approximately ₹612 crore, underscores sustained occupier confidence in Mumbai’s premium office market.
The transaction spans floors 3 to 9 of the building and involves Cowrks Pvt Ltd as workspace manager, JP Morgan Services India as tenant, and Kairos Property Pvt Ltd (Brookfield Properties) as landlord. The lease tenure is 60 months with a 30‑month lock‑in period, commencing April 1, 2026. The agreement includes a starting monthly rent of over ₹9.23 crore, a security deposit exceeding ₹55 crore, and a 5% annual rent escalation. JP Morgan also secured 312 car parking spaces, reflecting the scale of operations and infrastructure needs of large multinational occupiers.
According to registered documents dated December 29, 2025, the transaction attracted a stamp duty payment of over ₹7 crore and a registration fee of ₹30,000. The deal also provides JP Morgan with the option to renew for another 60 months upon completion of the initial term.
Powai continues to be a preferred destination for BFSI and technology‑led enterprises, thanks to strong connectivity, proximity to residential catchments, and robust social infrastructure. Large‑format leases such as this highlight the enduring appeal of institutional‑grade office assets in Mumbai’s established business districts.
Industry observers note that JP Morgan’s expansion signals a continued preference among global corporations for long‑term visibility, premium locations, and professionally managed workspaces amid evolving workplace strategies.
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