In one of India’s largest commercial office leasing deals, JP Morgan Services India Private Limited has taken on lease over 13 lakh sq ft of built-to-suit office space in Mumbai’s Powai, committing a total rental outgo of around ₹5,200 crore, according to property registration documents accessed by CRE Matrix.

The property, located at One Forest Avenue, Powai, has been leased from a special purpose vehicle (SPV) in which Brookfield Properties holds a stake, and is expected to house JPMorgan Chase’s largest global capability centre (GCC) in Asia. The lease is structured for a 20-year tenure, with JPMorgan Chase as the sole occupier, underscoring growing global demand for high-quality office space in India, according to a report by The Hindustan Times.

Maharashtra Chief Minister Devendra Fadnavis had said on December 12 that global asset manager Brookfield is set to invest around ₹9,000 crore to establish a global capability centre (GCC) facility in the state. In a statement, Brookfield had said it planned to invest the amount to develop a 2 million sq ft GCC in Mumbai’s Powai, which is expected to become Asia’s largest GCC for a multinational bank.

GCCs are offshore units that support a company’s global operations by handling functions such as IT, finance and R&D, helping companies tap global talent pools while reducing costs.

As per the documents shared by CRE Matrix, the commercial office space, located at One Forest Avenue in Powai, Mumbai, has been taken on lease from BSS Property Ventures Private Limited and Rajeshwar Property Ventures Private Limited, an SPV in which Brookfield Properties holds a stake, at a starting monthly rent of ₹39 crore, according to the documents.

The lease works out to a starting rental of ₹300 per square foot for a total leased area of approximately 13 lakh square feet.

The transaction was registered on December 24, 2025, for which a security deposit of ₹468 crore was paid.

A stamp duty of ₹125 crore and a registration fee of ₹30,000 were paid. The documents show that the stamp duty was calculated based on a 20-year tenure, although the initial lease term is 10 years and the rent escalates by 4.5 per cent annually.

The documents show that the built-to-suit office space will span 19 floors, including the ground floor, and will include 1,300 parking spaces.

In December 2025, Brookfield Properties announced a built-to-suit lease with JPMorganChase. The development will be built on a 6-acre project located in Powai, Mumbai, recently acquired by a Brookfield Asset Management private real estate fund, it had said in a statement.