This company to pay Rs 1000 crore rent for Mumbai office, not owned by Mukesh Ambani, Gautam Adani, Narayana Murthy, Elon Musk, Mark Zuckerberg, Jeff Bezos, it is...

In one of the biggest office space pre-lease deals in India, US financial giant JP Morgan has secured more than 116,210 square feet of office space in a commercial tower being developed by Japan’s Sumitomo Group in Mumbai’s Bandra-Kurla Complex (BKC). The space will serve as the new India headquarters for JP Morgan. The lease, signed for an initial period of 10 years, also includes options for three renewals of five years each. If exercised, the total lease duration could stretch up to 25 years.

According to documents accessed via real estate data firm Propstack, the deal involves a monthly rent of Rs 6.91 crore, calculated at Rs 595 per square foot of carpet area. Rent will increase by 15% every three years. Over the first 10 years, JP Morgan is expected to pay nearly Rs 1,000 crore in rent. Over the full 25-year term, the total outflow could cross Rs 2,500 crore—making this one of the most significant long-term commercial property deals in India.

The office space is located on the 11th and 12th floors of the under-construction tower in BKC’s G Block. The tower is being built by Goisu Realty, the Indian arm of Sumitomo Realty & Development Co. JP Morgan has also paid a security deposit of Rs 62.23 crore. The lease agreement was registered on June 12.

Sumitomo’s commercial tower includes six basements, a ground floor, and 12 upper floors. The company acquired the 3-acre plot from the Mumbai Metropolitan Region Development Authority (MMRDA) through an 80-year lease agreement. The land was secured for over Rs 2,067 crore.

This deal reflects the growing importance of India as a global business hub. In 2022, JP Morgan leased 1.16 million square feet in Nirlon Knowledge Park, Goregaon, Mumbai—then one of India’s largest real estate transactions by a multinational company.