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JP Morgan leases office space with 1,130 parking spaces in Goregaon for 10 years | Bombay News

Mumbai JP Morgan has acquired over 1.16 million square feet of office space with 1,130 parking spaces at Nirlon Knowledge Park, Goregaon on a 10-year lease. The authorization and license agreement has been signed between JP Morgan Services India Pvt Ltd and Nirlon limited.

To 145 per square foot per month, first years rent will be higher 201.85 crores. With 15% indexation every three years, the total rent for the entire 10-year lease will cross 2,000 crore. The 10-year lease period begins December 15, 2021 and ends December 14, 2031 and has a lock-up period of five years. The leave and license come with an option to extend for two periods of five years each.

A reimbursable unhooking by security of 151.39 crores was also paid. According to the documents, a stamp duty of 425.65 crore was paid for registration of leave and license agreement.

According to documents provided by Propstack, a company that accumulates data through public records, the paperwork related to the deal was done in January 2022, but the registration didn’t happen until June this year.

The leased property is the whole of block B-9, which is a ground floor plus 23 floors, the whole of block B-10, which is a ground floor plus 9 floors and part of the block B-11. The areas include the basements of these blocks and other areas like storage etc.

It became one of the biggest furlough and license agreements signed this year. A detailed email sent to JP Morgan and Nirlon ltd asking for their comments got us no response.

Recently, Citicorp Services India renewed its lease of 1.6 lakh square foot office space at Nirlon Knowledge Park in Goregaon for a period of five years. This office space is spread over six floors with a lock-up period until September 2024. Citicorp Services will pay rent of nearly 137 crore on the total tenure which is 60 months. The monthly rent is 2.28 crore. The lease term begins on September 15, 2022 and ends on September 14, 2027. The lock-in period is from September 15, 2022 to September 14, 2024. Whereas the notice period is six months.

In June this year, 2.39 lakh square feet of land was leased for a huge 3.57 crores per month for a period of 258 months. Amazon Data Services India Pvt Ltd has leased the plot of land in Powai owned by Larsen and Toubro Ltd.

Yes Bank on August 24, 2022 signed a lease agreement to lease an area of ​​44,000 square feet at Goregaon in Mumbai for 53.19 lakh per month, for a period of 60 months. The rental period begins on September 22, 2022 and ends five years later on September 22, 2027.

As of July 2020, Morgan Stanley had concluded negotiations and entered into an agreement to lease up to 1.1 million square feet of office space for 9.5 years from Oberoi Realty at Commerz III, Goregaon. Also this year, according to reports, Morgan Stanley leased an additional 3.35 square feet. The total rent is almost 2,000 crores for the entire duration of 9.5 years.

In July 2020, Godrej Fund Management leased 2 lakh square foot office space from AP Moller – Maersk’s business units in Mumbai. The space is located at Godrej Two, Vikhroli costs 13.09 crore.

“Goregaon East seems to be developing rapidly as a mini financial hub after BKC, with companies like JP Morgan, Deutsche Bank, KPMG, PWC and Morgan Stanley. We expect a significant increase in large commercial office contracts signed, supported by a steady economic recovery, a gradual return to work-from-office policy, a strong labor market,” said Abhishek Kiran Gupta, CEO of CRE Matrix .

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