Mumbai real estate: JP Morgan leases 13 lakh sq ft commercial office space in Powai for a total rent of over ₹5,200 cr

Mumbai real estate update: Banking major JP Morgan has leased a built-to-suit office space in Powai from Brookfield Properties–affiliated SPV

In one of India’s largest commercial office transactions, JP Morgan Services India Private Limited has leased a built-to-suit office space spanning over 13 lakh sq ft in Mumbai’s Powai from an SPV in which Brookfield Properties holds a stake, for a total rent of about ₹5,200 crore, according to property registration documents accessed by CRE Matrix.

The property is expected to house the American investment banking firm’s global capability centre (GCC) in Powai, Mumbai, which will be the largest such GCC in Asia.

Brookfield Properties had issued a statement in December 2025 that it had entered into a built-to-suit lease agreement with JPMorgan Chase to develop the GCC in Mumbai’s Powai. JPMorgan Chase will be the sole occupier of the facility, with the lease structured for a 20-year tenure

Maharashtra Chief Minister Devendra Fadnavis had said on December 12 that global asset manager Brookfield is set to invest around ₹9,000 crore to establish a global capability centre (GCC) facility in the state. In a statement, Brookfield had said it planned to invest the amount to develop a 2 million sq ft GCC in Mumbai’s Powai, which is expected to become Asia’s largest GCC for a multinational bank.

Details of the JP Morgan transaction

As per the documents shared by CRE Matrix, the commercial office space, located at One Forest Avenue in Powai, Mumbai, has been taken on lease from BSS Property Ventures Private Limited and Rajeshwar Property Ventures Private Limited, an SPV in which Brookfield Properties holds a stake, at a starting monthly rent of ₹39 crore, according to the documents.

The lease works out to a starting rental of ₹300 per square foot for a total leased area of approximately 13 lakh square feet.

The transaction was registered on December 24, 2025, for which a security deposit of ₹468 crore was paid.

A stamp duty of ₹125 crore and a registration fee of ₹30,000 were paid. The documents show that the stamp duty was calculated based on a 20-year tenure, although the initial lease term is 10 years and the rent escalates by 4.5 per cent annually.

The documents show that the built-to-suit office space will span 19 floors, including the ground floor, and will include 1,300 parking spaces.

Email queries have been sent to JP Morgan Services India Pvt Ltd and Brookfield Properties.

In December 2025, Brookfield Properties announced a built-to-suit lease with JPMorganChase. The development will be built on a 6-acre project located in Powai, Mumbai, recently acquired by a Brookfield Asset Management private real estate fund, it had said in a statement.

It will be developed through an agreement between the Mumbai Metropolitan Region Development Authority (MMRDA) and a venture led by Brookfield, in partnership with B.S. Sharma. Slated for completion by 2030, the new campus will elevate the workplace experience by bringing together many of JPMorgan Chase’s Mumbai employees into a state-of-the-art facility, the statement said.

The scale of this transaction highlights India’s position as a leading global capability center (GCC) hub, it had said.

Brookfield Properties is one of the largest office operators in India with approximately 55 million square feet across seven cities.

The proposed development benefits from its strategic location within Powai’s established mixed-use ecosystem, offering strong connectivity and a thriving talent catchment that continues to make it one of Mumbai’s most sought-after urban districts, the statement had said.

CBRE acted as real estate advisors and Khaitan & Co acted as transaction advisors to Brookfield Properties on this deal, it had said.

In 2024, Brookfield had commissioned a similar build-to-suit tower in Pune, for the GCC of a large financial services for corporates. Earlier that year, the multinational had signed an MoU with MMRDA to bring in $ 12 billion in investments into the MMR. In June 2025, it acquired a 2.1-acre parcel in BKC to create a mixed-use property.

Recent deals by JP Morgan

JP Morgan Services India Private Limited was in the news recently for leasing more than 2.71 lakh sq ft of commercial office space in Mumbai’s Powai for a five-year term at a total rental value of ₹612 crore, according to property registration documents accessed by CRE Matrix.

The office space, located in One Downtown Central (formerly known as CRISIL House), spans the 3rd to the 9th floors of the building. The global financial services firm has leased flexi-office space at Cowrks India’s One Downtown Central, a Brookfield Properties-backed managed workspace provider in Mumbai’s Powai, according to the documents.

The lease agreement involves Cowrks Pvt Ltd, which manages the space; JP Morgan, the tenant; and the property landlord, Kairos Property Pvt Ltd, also known as Brookfield Properties, as per the documents.

Additionally, JP Morgan Private Limited was in the news in June 2025 for pre-leasing 1.16 lakh sq ft in a commercial tower being developed by Goisu Realty Private Limited, a subsidiary of the Japanese firm Sumitomo Realty & Development Company, in Mumbai’s Bandra Kurla Complex (BKC), for a monthly rent of ₹6.91 crore, documents accessed by Propstack showed.

Over the past few years, global capability centres (GCCs) have been a key driver of office demand across India’s top markets. According to Savills India, GCCs leased about 112 million sq ft of office space between 2020 and 2024, with Mumbai and Pune together accounting for 22% of the total—8% and 14%, respectively. During this period, Mumbai recorded the highest office leasing by banking, financial services and insurance (BFSI) GCCs, despite Bengaluru having the deepest BFSI talent pool.