E-Paper
JP Morgan leases 1.16 lakh sq ft in Sumitomo’s BKC Tower at ₹7 crore monthly rent for 10 years
JP Morgan has leased 1.16 lakh sq ft of office space in a commercial tower being developed by Sumitomo’s realty arm in Mumbai’s BKC for 10 years
US-based financial services major JP Morgan Private Limited has pre-leased 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.
Japanese conglomerate Sumitomo’s commercial tower in Mumbai’s business district Bandra-Kurla Complex (BKC), through a long-term lease tenure of 10 years.
Located on Plot No. 65 in G Block of Mumbai’s Bandra Kurla Complex (BKC), the tower is expected to be handed over by October 1, 2026, they showed.
The long-term lease spans over 10 years and covers the 11th and 12th floors, each measuring 58,105 sq ft. The agreement specifies a starting monthly rent of ₹6.91 crore, translating to ₹595 per sq ft.
As part of the deal, JP Morgan has paid a security deposit of ₹62.23 crore. The lease also includes a 15% rent escalation every three years.
The BKC lease also includes an option to extend the term by an additional 15 years, in three increments of five years each, the documents showed.
The Grade-A commercial building comprises six basements, a ground floor, 12 office floors, and a terrace, the documents show.
Emails have been sent to JP Morgan and Goisu Realty Private Limited seeking comment. The story will be updated if and when a response is received. JLL, the transaction advisor, declined to comment.
In 2022, JP Morgan leased 1.16 million sq ft of office space at Nirlon Knowledge Park in the Goregaon suburb of Mumbai for over 10 years with an option to extend for an additional 10 years.
Sources told HT.com that while J.P. Morgan’s Goregaon facility serves as its back-office operations hub, the newly leased space in BKC is expected to function as its front office.
Property registration documents accessed through real estate data analytics platform Propstack showed that Goisu Realty Private Limited had acquired an 8,054-square-metre land parcel from The Bombay Dyeing and Manufacturing Company Limited in the city's Lower Parel area for ₹440 crore in 2024. The deal was part of a larger agreement to acquire 22 acres in Worli for ₹5200 crore.
In one of the biggest land deals in the Mumbai real estate market in recent times, the Wadia Group announced in September 2023 the sale of a 22-acre parcel at Wadia International Centre in Worli to Goisu Realty Private Ltd, a subsidiary of Japanese group Sumitomo Corporation, for ₹5,200 crore.
Sumitomo Corporation was established in 1919 and is spread across Asia, Europe, America, and Africa. It deals in infrastructure, real estate, media, metal products, transportation and construction systems, minerals, energy, and chemicals.
All about BKC commercial district
BKC has several government offices, including MMRDA, Goods and Services Tax (GST), Reserve Bank of India, Income Tax Department, and Family Court. The US consulate is also located there near the Jio Convention Centre. Luxury hotels such as Sofitel and Trident are also in BKC.
Prominent companies with offices in BKC include Jio, Apple, Netflix, Google, Facebook, Amazon, the National Stock Exchange, Standard Chartered Bank, WeWork, CISCO, Pfizer, Spotify, and Blackstone.
Other commercial deals in BKC
Elon Musk’s Tesla has taken 4,000 sq ft of showroom space in India's costliest commercial district, Bandra Kurla Complex (BKC), in Mumbai, for ₹23.38 crore for five years.
The documents show that the showroom space has been rented out in a commercial building named Maker Maxity on North Avenue.
Also Read: Real estate institutional capital flows expected to decline by 37% to $3.06 bn in H1 this year: JLL
Experts said the amount sets a national record in terms of lease rentals and makes it the most expensive auto showroom lease deal in the country by far.
