JP Morgan Signs 10-Year Lease for 1.16 Lakh Sq Ft in Sumitomo's BKC Tower at ₹6.91 Crore Per Month

JP Morgan Private Limited has entered into a long-term lease agreement for 1.16 lakh sq ft of office space in a commercial tower being developed in Mumbai’s Bandra Kurla Complex (BKC) by Goisu Realty Private Limited, the Indian subsidiary of Japan’s Sumitomo Realty & Development Company. The lease is set at a monthly rent of ₹6.91 crore and spans 10 years, according to property registration documents accessed via Propstack.

The leased area covers the 11th and 12th floors of the commercial tower—each measuring 58,105 sq ft—located on Plot No. 65 in G Block of BKC. The lease agreement includes a clause for a 15% escalation in rent every three years and provides JP Morgan with the option to extend the agreement for another 15 years in three separate increments of five years each. A security deposit of ₹62.23 crore has also been paid by the financial firm as part of the arrangement.

The commercial development, which is scheduled for handover by October 1, 2026, consists of six basements, a ground floor, twelve office floors, and a terrace. The building is classified as Grade-A commercial space and is part of Sumitomo’s wider expansion into Indian real estate markets through Goisu Realty.

This transaction is one of the most significant leasing deals in Mumbai this year. At ₹595 per sq ft per month, the agreement reflects the sustained demand for high-grade office space in the BKC commercial district. The area is home to a variety of multinational firms and financial institutions, including Google, Facebook, Amazon, the National Stock Exchange, Standard Chartered Bank, Blackstone, and WeWork, along with public sector establishments like the Reserve Bank of India, the Goods and Services Tax Department, and the Income Tax Department. BKC also houses key diplomatic and hospitality infrastructure, including the US Consulate, Sofitel, and Trident hotels.

Sources familiar with the development told HT that JP Morgan’s new BKC office is expected to serve as a front-office hub, complementing its existing back-office operations at Nirlon Knowledge Park in Goregaon. In 2022, JP Morgan had leased 1.16 million sq ft in Goregaon for a 10-year term with a similar extension clause.

The leasing deal highlights the increasing traction BKC is witnessing among global corporations. It also signals a continued preference for core commercial districts in Mumbai where infrastructure, connectivity, and institutional presence are already well established.

Goisu Realty, the landlord in this transaction, has been expanding its footprint in Mumbai’s commercial real estate sector over the past two years. In 2024, it acquired an 8,054-square-metre plot from The Bombay Dyeing and Manufacturing Company in Lower Parel for ₹440 crore. That land acquisition was part of a broader ₹5,200 crore deal through which Sumitomo secured 22 acres of prime land in Worli—making it one of the largest land transactions in the Mumbai real estate market in recent history.

Sumitomo Realty & Development Company, established in 1919, operates across several global markets and is involved in infrastructure, real estate, metal products, transportation systems, energy, chemicals, and media. Through Goisu Realty, Sumitomo is bringing its integrated urban development expertise to Indian markets, with a focus on core cities like Mumbai.

The JP Morgan lease adds to a list of high-profile real estate activities in BKC. Recently, Tesla signed a lease for a 4,000 sq ft showroom in Maker Maxity, North Avenue, for ₹23.38 crore for five years, making it one of the highest-priced auto showroom leases in the country.

The BKC transaction underlines the region’s growing appeal as a commercial real estate destination, especially for international occupiers seeking long-term commitments in central business zones. The structure of JP Morgan’s lease—featuring upfront capital, long tenure, and extension flexibility—also demonstrates the increasing maturity of India’s commercial leasing market.

While representatives of JP Morgan and Goisu Realty declined to comment on the deal, industry experts note that this lease is aligned with global corporates’ shift toward consolidating front-office operations in core city centers.

With the handover of the tower expected in 2026, JP Morgan’s presence in BKC will further strengthen the area's profile as Mumbai’s key financial and commercial hub.