Global banking major J.P. Morgan Services has taken on lease nearly 272,000 sq ft of office space at One Downtown Central (Crisil House) in Powai, Mumbai, at a starting monthly rent of about Rs 92.3 million for a five-year term.

As per the registered leave-and-licence agreement, Cowrks India Private Limited has licensed a total carpet area of 271,955 sq ft across the ground floor and floors three to nine of the building to J.P. Morgan Services India. The transaction was registered on December 29, 2025.

The agreement sets an initial monthly rent of Rs 92.31 million, translating to a per sq ft rate of Rs 339.43. The lease tenure is 60 months, with a lock-in period of 30 months for both parties. Annual rent escalation has been fixed at 5 per cent, in line with prevailing norms for Grade A commercial properties in Mumbai’s eastern business corridors.

The rent commencement date is April 1, 2026, providing the tenant a fit-out and transition window before operations begin. J.P. Morgan has paid a security deposit of around Rs 553.9 million, equivalent to about six months’ rent, consistent with market practice for large institutional occupiers.

The lease also includes 312 car parking spaces. The property is owned by Kairos Properties and leased to Cowrks, which is backed by Brookfield.

Over the five-year term, J.P. Morgan’s total rental commitment is estimated at approximately Rs 6.12 billion, assuming the contracted 5 per cent annual escalation.