By Arosh John, Founder, John Real Estate (MahaRERA Reg. No. A51700001835) | Editor-in-Chief, Thane Real Estate News (TREN)
Mumbai | January 2026
J.P. Morgan has leased approximately 2.72 lakh sq ft of chargeable office space at One Downtown Central (formerly CRISIL House), Powai, Mumbai, through managed workspace operator COWRKS.
The lease is structured for a five-year tenure, with a starting monthly rent of approximately ₹9.23 crore, translating into an estimated total rental commitment of around ₹600–610 crore over the lease term.
The transaction stands out for both scale and tenure. A five-year commitment of this magnitude through a managed office platform reflects a deliberate operating decision rather than a short-term space solution.
Transaction Snapshot (Reported)
- Chargeable Area: ~2,71,955 sq ft
- Building: One Downtown Central (ex CRISIL House), Powai
- Tenant: J.P. Morgan (India operations)
- Workspace Operator: COWRKS
- Lease Tenure: 5 years
- Starting Monthly Rent: ~₹9.23 crore
- Indicative Total Lease Outgo: ~₹600–610 crore
Reading the Office Market Signal
Managed office platforms have moved well beyond interim or stopgap use cases. Large occupiers are increasingly deploying them as part of long-horizon real estate strategies, prioritising execution certainty, operational continuity, and scalability.
A lease of this size typically reflects clarity on workforce planning and operational needs. It also indicates confidence in the asset’s location, the operator’s delivery capabilities, and the surrounding ecosystem that supports large teams.
Powai’s Enterprise Positioning
Powai continues to hold its ground as a credible enterprise office node within Mumbai. Established Grade-A stock, proximity to strong residential catchments, and dependable connectivity have helped the micro-market retain relevance for institutional occupiers.
Transactions of this scale reinforce Powai’s standing as a durable office destination, not merely a peripheral alternative.
TREN Editorial Note
Mumbai’s office demand rarely announces itself through noise. It reveals intent through tenure, scale, and capital commitment. This transaction fits squarely into that pattern.
Also READ: Brookfield to Build Asia’s Largest GCC in Powai, Mumbai by 2029; $1 Billion Investment Announced
About the Author
Arosh John is the Founder of John Real Estate (MahaRERA Reg. No. A51700001835) and the Editor-in-Chief of Thane Real Estate News (TREN). With over a decade of on-the-ground advisory experience across Thane and the Mumbai Metropolitan Region, he is recognised for decoding how infrastructure, regulation, and occupier demand shape real estate value. He specialises in premium resale transactions, luxury villas and second homes, and NRI advisory, with a compliance-led approach focused on documentation clarity, transaction structure, and risk management for buyers and investors.
Disclaimer
This article is intended for general information and editorial reporting purposes. Transaction details are based on information available in the public domain and may be subject to revisions in official documents or subsequent disclosures. Readers are advised to independently verify details and seek professional advice before making any real estate decisions.
