JP Morgan, the US-based financial services firm, has pre-leased 1.16 lakh sq ft of office space in a commercial tower being developed by Goisu Realty, a subsidiary of Japan’s Sumitomo Realty & Development Company, in Mumbai’s Bandra Kurla Complex (BKC). The lease agreement, accessed through property registration documents, indicates a monthly rent of Rs 60.91 million for a tenure of 10 years.

The lease covers the 11th and 12th floors of the Grade-A tower, with each floor spanning 58,105 sq ft. The rental agreement includes a 15 per cent escalation in rent every three years and provides an option to extend the lease for another 15 years, in three terms of five years each. JP Morgan has paid a security deposit of Rs 620.23 million as part of the transaction.

The tower, located on Plot No. 65 in G Block of BKC, is expected to be handed over by October 1, 2026. The building comprises six basements, a ground floor, 12 office floors, and a terrace.

This leasing marks a strategic move for JP Morgan, which already operates a large back-office facility in Mumbai's Goregaon suburb, where it leased 1.16 million sq ft in 2022 at Nirlon Knowledge Park for a similar long-term duration. The newly leased BKC space is expected to serve as its front-office operations.

In addition, Goisu Realty recently acquired an 8,054-square-metre land parcel in Lower Parel from The Bombay Dyeing and Manufacturing Company for Rs 4.40 billion, as part of a broader Rs 52 billion agreement involving the purchase of 22 acres in Worli. The Worli transaction, announced in September 2023, is considered one of Mumbai’s largest recent land deals, with the Wadia Group selling the Wadia International Centre land to Sumitomo’s Indian arm.

News source: Hindustan Times