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JP Morgan leases office space of 1.16 million sq ft for 10 years in Goregaon, Mumbai

[ecis2016.org] The 10 year leave and license deal has been signed between JP Morgan and Nirlon Ltd. with an extension option of two terms of five years each.

JP Morgan has leased around 1.16 million sq ft office space with 1,130 car parks at Nirlon Knowledge Park, Goregaon, Mumbai. The leased out property is entire block B-9 (ground plus 23 floors), entire block B-10 (ground plus 9 floors) and a part of block B-11 including basements in these blocks and other areas like storage etc.

According to a HT report, a stamp duty of Rs 425.65 crore and a security refundable dropout of Rs151.39 crore has been paid. While the paperwork for the deal was done in January 2022, the registration took place in June 2022.

The 10 year leave and license deal has been signed between JP Morgan and Nirlon Ltd. with an extension option of two terms of five years each. Started December 15, 2021, the lease ends on December 14, 2031 and has a five-year lock in period.  The rent for the first five years at the rate of Rs 145 per sq ft per month will be around Rs 201.85 crore. With an escalation of 15% agreed every three years, the total rent for the 10 year period will be more than Rs 2,000 crore.   

On the same lines, Citicorp Services India renewed the lease of 1.6 lakh sq ft office space at Nirlon Knowledge Park in Goregaon for five years. Starting September 15, 2022, the tenure ends September 14, 2027. Spread over six floors, the lock-in period for this deal is September 2024. With Rs 2.28 crore as the monthly rental, the company will pay close to Rs 137 crore for 5 years.

[ecis2016.org] L&T leases Powai space to Amazon Data Services for Rs 3.57 crore per month

Source: https://ecis2016.org/.
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Debora Berti

Università degli Studi di Firenze, IT

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