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JP Morgan has signed a 10-year lease for 1.16 lakh sq. ft. of office space in a newly built tower at Mumbai's Bandra Kurla Complex (BKC), developed by Sumitomo's Goisu Realty. The deal, valued at INR 6.91 crore in monthly rent with 15% escalations every three years, includes a INR 62.23 crore security deposit. The new space, spanning two floors, will serve as the bank's front office from October 2026. BKC, a key BFSI hub, continues to attract top firms-Tesla also recently leased showroom space nearby. Sumitomo is expanding rapidly in Mumbai, with major property acquisitions in Worli and Lower Parel.
JP Morgan, a global financial services giant, has recently finalized a significant long-term lease for office space in a newly developed commercial tower within Bandra Kurla Complex (BKC), Mumbai. The leased area totals 1.16 lakh square feet of office space. This space is located in a commercial tower developed by Goisu Realty Private Limited, which is the realty arm of the Japanese company Sumitomo. Advertisement
The agreement is for a 10-year period, with the monthly rent starting at INR 6.91 crore, which translates to approximately INR 595 per square foot. The lease terms include a 15% rent escalation every three years, and a security deposit of INR 62.23 crore was also paid. The leased space covers the 11th and 12th floors of the tower, with handover expected by October 1, 2026.
This new BKC office is anticipated to serve as JP Morgan's front office, complementing its existing back-office operations hub in Goregaon.
Bandra Kurla Complex is recognized as Mumbai's central business district, a prime hub for the Banking, Financial Services, and Insurance (BFSI) sector and numerous Fortune 500 companies. It is considered one of India's costliest commercial districts, housing major corporate offices, including those of Jio, Apple, Netflix, Google, and Amazon, along with various government institutions, and boasts excellent connectivity to other parts of Mumbai.
In another significant commercial deal in the area, Tesla Motors recently leased 4,000 square feet of showroom space in Maker Maxity, BKC, for INR 23.38 crore over five years, setting a national record for auto showroom lease rentals.
Sumitomo Realty & Development Company, established in 1919, is a Japanese conglomerate with diverse interests, including real estate. Its subsidiary, Goisu Realty Private Limited, is actively developing commercial properties in Mumbai, having acquired an 8,054-square-meter land parcel in Lower Parel for INR 440 crore in 2024, as part of a larger agreement to acquire 22 acres in Worli for INR 5,200 crore from the Wadia Group in September 2023. These investments underscore Sumitomo's growing presence in Mumbai's property market.
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