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CRISIL Limited has finalized a 15-year lease for nearly 2.5 lakh square feet of office space in the Hiranandani Lightbridge building, located in Mumbai's Powai area. The lease, valued at INR 597 crore, will have CRISIL occupy the 10th to 15th floors along with 250 car and 75 two-wheeler parking spaces. The agreement includes a monthly rent of INR 2.35 crore with a 4.77% annual escalation. The new office, set to become CRISIL House, reflects the company's strategic focus on consolidating operations in Mumbai's rapidly growing commercial hubs.
Credit rating agency CRISIL Limited has entered into a significant 15-year lease for approximately 2.5 lakh square feet of office space in the Hiranandani Lightbridge building in Powai, Mumbai. The total lease value is estimated at INR 597 crore, making it one of the largest commercial real estate transactions in the city this year. Advertisement
The lease is a fresh agreement with Nathan Properties Pvt. Ltd. and Gamma Construction Pvt. Ltd., both part of the House of Hiranandani Group. CRISIL will occupy floors 10 to 15, marking a major relocation and expansion of its corporate office, which will now be known as CRISIL House.
Under the terms of the lease, CRISIL will pay a monthly rent of INR 2.35 crore, which translates to INR 94 per square foot. Over the 15-year tenure, the total rent is projected to reach INR 597.3 crore, excluding maintenance charges and applicable taxes. The lease also stipulates a 4.77% annual escalation. For the transaction, CRISIL has already deposited a security amount of INR 38.2 crore.
The leased premises include 250 car parking spaces and 75 two-wheeler slots, catering to the commuting needs of employees. Local brokers note that the building already houses several large corporations, underlining Powai's position as a prominent commercial hub in Mumbai's eastern suburbs.
Powai, situated between Andheri East and Saki Vihar, has seen substantial growth in office leasing in recent years. Its connectivity via the Western and Eastern Express Highways, Jogeshwari-Vikhroli Link Road (JVLR), and the upcoming Metro Line 6 has made it attractive to financial institutions, technology companies, and consulting firms. CRISIL's lease aligns with these trends, positioning the company in a well-connected and expanding commercial district.
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