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Home / Real Estate / JP Morgan takes up 1.15 million sqft space at Mumbai’s Nirlon Knowledge Park

JP Morgan takes up 1.15 million sqft space at Mumbai’s Nirlon Knowledge Park

The company has signed a long-term leave and licence agreement to take up approximately 1.15 million sqft of office space that is expected to be delivered by the second quarter of 2021.

real-estate Updated: Dec 09, 2019 10:59 IST
HT Correspondent
HT Correspondent
Hindustan Times, New Delhi
JP Morgan, the global banking and financial services provider, has signed a mega deal with commercial office space developer Nirlon Ltd
JP Morgan, the global banking and financial services provider, has signed a mega deal with commercial office space developer Nirlon Ltd(Reuters)
         

JP Morgan, the global banking and financial services provider, has signed a mega deal with commercial office space developer Nirlon Ltd for premium office space at Nirlon Knowledge Park (NKP) in Mumbai.

The company has signed a long-term leave and licence agreement to take up approximately 1.15 million sqft of office space that is expected to be delivered by the second quarter of 2021.

A leave and licence agreement is an agreement wherein the licensor temporarily allows the licensee to use and occupy licensor’s immovable property full or a portion of it, for the purpose of carrying business activity or residential use. For this, the licensor shall be paid by the licensee a fixed amount (rent). The leave and license are usually granted to the licensee for a period of 11 months.

Currently, JP Morgan’s global service centres are spread across several properties in MindspaceMalad. With the Nirlon deal, the financial services giant plans to consolidate its operations at one central location.

KalpanaMorparia, chairman, South and Southeast Asia, JP Morgan, said, “Mumbai is a critical hub for JP Morgan. Moving to Nirlon Knowledge Park helps us consolidate most of our offices in Mumbai into one location and also further demonstrates our long-term commitment to ensuring a world-class working environment for our employees.”

Nirlon Knowledge Park has a site area of 23 acres and is located on Mumbai’s Western Express Highway in Goregaon. It houses some of the top global and Indian corporates with approximately 1.8 million square feetof IT/ITES office space already licensed.

The park boasts of amenities such as a vehicle-free pedestrian zone, multi-cuisine cafeterias, a fitness center, creche facilities and multi-level car parking. The park users are likely to benefit from the proposed metro rail station that will be located outside the park, providing important public transportation links.

Currently, Nirlon Knowledge Park comprises approximately 1.8 million square feet of chargeable area and 3 million square feet of constructed area. Once the current phase of development gets completed, the park will have approximately 3 million square feet of chargeable and 5 million square feet of constructed area.

Rahul Sagar, CEO and executive director of Nirlon, said: “We are delighted to conclude this transaction with JP Morgan. This development further consolidates Nirlon’s position as a leading owner and operator of a world-class business park in Mumbai.”