JP Morgan leases 2.71 lakh sq ft office space from Cowrks in Mumbai at ₹9 cr monthly rent

JP Morgan has taken on lease 2.72 lakh sq ft office spaces in Mumbai from Cowrks for a starting monthly rent of ₹9.23 crore, according to CRE Matrix.

Real estate data analytic firm CRE Matrix has accessed the lease agreement from the Maharashtra government.

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Global financial services firm JP Morgan Services India Pvt Ltd has taken on lease 2,71,955 sq ft area at One Downtown Central (Crisil House) Building, in Powai, Mumbai.

The lease agreement was signed in December between Cowrks India Pvt Ltd, JP Morgan Services India Pvt Ltd, and Kairos Properties Pvt Ltd, as per the CRE Matrix.

Kairos Properties is the owner of the property and it has given on lease to Cowrks, which is owned by Brookfield.

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The starting monthly rent is ₹339.4 per sq ft translating into ₹9.23 crore for a month.

JP Morgan has taken on lease for 60 months. The rent will commence from April. There is a clause of rent escalation of 5% every year.