JPMorgan signs landmark deal for Mumbai office; BKC lease worth Rs 1,000 crore

JPMorgan has pre-leased 116,000 sq ft in Mumbai's Bandra-Kurla Complex (BKC), likely to become its India headquarters. The 10-year lease, with options for three 5-year extensions, is in Sumitomo Realty's new tower.

JPMorgan, in a move to highlights India's growing importance in global financial operations, is all set to make Mumbai's Bandra-Kurla Complex (BKC) its new home in the country. The global banking giant has pre-leased over 1.16 lakh sq ft of office space in an upcoming commercial tower being developed by Sumitomo Realty.

What makes this move stand out? For starters, this isn't just another office lease—it's likely to become JPMorgan's India headquarters.

A new address in India's financial hub

The upcoming Sumitomo tower in BKC's G Block will soon host JPMorgan across its 11th and 12th floors. The deal, registered on June 12, comes with an initial 10-year agreement, and room for three 5-year extensions—meaning the bank could be here for the next 25 years.

According to reports, the monthly rent is Rs 6.91 crore, translating to Rs 595 per sq ft of carpet area. That puts the total rental outgo at about Rs 1,000 crore over 10 years, and over Rs 2,500 crore if extended to full term.

A statement of long-term commitment

JPMorgan's decision to set up a long-term base in one of the most expensive commercial zones in India speaks volumes. While office real estate elsewhere is being downsized globally, the bank is doubling down on India—both literally and symbolically.

To back up the deal, JPMorgan has also made a security deposit of Rs 62.23 crore, showing how serious it is about staying put.

The Sumitomo tower itself is being built on a premium 3-acre plot that the Japanese developer secured from the Mumbai Metropolitan Region Development Authority (MMRDA) for over Rs 2,067 crore. The project includes six basement levels, a ground floor, and 12 office floors.

Not JPMorgan's first major bet on Mumbai

This is no the first time JPMorgan's splash in Mumbai's property market. In 2022, the bank had leased over 1.16 million sq ft at Nirlon Knowledge Park in Goregaon, making it one of the biggest commercial leases by a multinational in India.

But this latest move to BKC isn't just about space—it's about prestige, proximity, and presence. BKC has fast become the go-to zone for elite global banks, law firms, and consulates.

What it means for India

It can be seen that JPMorgan's expansion is part of a bigger trend of US-based companies scaling up in India, not just for cost-efficiency, but as a strategic global hub.