In a significant move within Mumbai’s commercial real estate sector, US-based financial services giant, JP Morgan, has secured a long-term lease of 1.16 lakh square feet at Sumitomo Realty’s new development in the upscale Bandra Kurla Complex (BKC). The deal, valued at a starting monthly rent of ₹6.91 crore, marks a notable investment in Mumbai’s ever-growing business district. This leasing agreement, spanning 10 years, reflects JP Morgan’s continued expansion and commitment to strengthening its footprint in one of India’s most prominent commercial hubs.
JP Morgan Leases Premium Office Space in BKC Tower
JP Morgan has signed a lease for the 11th and 12th floors of the new commercial tower located in BKC. The tower, currently under development by Goisu Realty Private Limited (a subsidiary of Japan’s Sumitomo Realty & Development), will offer state-of-the-art office space to cater to the banking giant’s operational needs. Expected to be handed over by October 1, 2026, this deal showcases the growing demand for prime office spaces in Mumbai’s bustling business district.
Lease Details and Financial Terms
- Location: Bandra Kurla Complex (BKC), Mumbai
- Leased Area: 1.16 lakh square feet (58,105 sq ft per floor on the 11th and 12th floors)
- Monthly Rent: ₹6.91 crore (₹595 per sq ft)
- Lease Term: 10 years, with an option to extend by an additional 15 years in three increments of five years each
- Security Deposit: ₹62.23 crore
- Rent Escalation: 15% every 3 years
BKC: The Epicenter of Mumbai’s Commercial Growth
The Bandra Kurla Complex (BKC) remains one of the most sought-after commercial districts in Mumbai, housing major government offices, financial institutions, luxury hotels, and global tech giants. The deal between JP Morgan and Sumitomo underscores the location’s appeal for multinational companies and high-end commercial developments. Prominent firms such as Google, Amazon, and Facebook already have a significant presence in BKC, cementing its status as a key hub for business operations in the city.
Key Features of BKC:
- Government offices such as MMRDA and Reserve Bank of India
- Luxury hotels, including Sofitel and Trident
- International brands like Netflix, Google, and Standard Chartered Bank
- Proximity to key locations like the US consulate and Jio Convention Centre
Strategic Importance of the Lease for JP Morgan
JP Morgan’s lease in BKC is part of a broader strategy to enhance its operations in India, particularly in front-office functions. This new space will serve as the front office, while the company’s existing facility in Goregaon continues to function as its back-office hub. With a rapidly growing presence in India, this move strengthens JP Morgan’s ability to meet the demands of the Indian market and leverage the advantages of operating in a central business district.
Goisu Realty’s Major Real Estate Deal
Goisu Realty, the developer behind this commercial tower, has also been involved in other large-scale transactions. In 2024, the company acquired a significant land parcel in Lower Parel from Bombay Dyeing for ₹440 crore, and as part of a larger deal, it is set to acquire 22 acres of land in Worli for ₹5,200 crore. These acquisitions reflect the broader ambitions of Sumitomo Corporation and its Indian subsidiary in reshaping Mumbai’s commercial real estate landscape.
Quick Facts:
| Detail | Information |
|---|---|
| Leased Area | 1.16 lakh square feet |
| Monthly Rent | ₹6.91 crore |
| Lease Term | 10 years (with 15-year extension option) |
| Rent Escalation | 15% every 3 years |
| Security Deposit | ₹62.23 crore |
| Expected Hand-over Date | October 1, 2026 |
| Developer | Goisu Realty Private Limited |
| Location | Bandra Kurla Complex (BKC), Mumbai |
Official Quotes
- JP Morgan Representative: “This lease in BKC further enhances our strategic operations in India. The location’s accessibility and proximity to key clients and partners make it an ideal space for our growing needs.”
- Goisu Realty Representative: “We are excited to partner with JP Morgan and provide them with a world-class office space in one of Mumbai’s most prestigious districts.”
FAQs
1. What is the total leased area for JP Morgan in the BKC tower?
JP Morgan has leased 1.16 lakh square feet, covering the 11th and 12th floors of the tower.
2. What is the monthly rent for the leased office space?
The monthly rent is ₹6.91 crore, which amounts to ₹595 per square foot.
3. When will the BKC office space be ready for occupation?
The space is expected to be handed over by October 1, 2026.
4. What is the lease term for the office space?
The lease term is 10 years, with an option to extend by an additional 15 years.
5. What are the rent escalation terms in the lease?
The lease includes a 15% rent escalation every three years.