JP Morgan leases 1.16 lakh sq ft in Sumitomo's BKC Tower at ₹7 crore monthly rent
US-based financial services major JP Morgan Private Limited has pre-leased 1.16 lakh sq ft in a commercial tower being developed by Goisu Realty Private Limited, a subsidiary of the Japanese firm Sumitomo Realty & Development Company, in Mumbai's Bandra Kurla Complex (BKC), for a monthly rent of ₹ 6.91 crore, documents accessed by Propstack showed. Mumbai real estate deal: JP Morgan Private Limited has pre-leased 1.16 lakh sq ft in a commercial tower being developed by Goisu Realty Private Limited in Mumbai's Bandra Kurla Complex (BKC). (Photo for representational purposes only)(Pixabay)
Located on Plot No. 65 in G Block of Mumbai's Bandra Kurla Complex (BKC), the tower is expected to be handed over by October 1, 2026, they showed.
The long-term lease spans over 10 years and covers the 11th and 12th floors, each measuring 58,105 sq ft. The agreement specifies a starting monthly rent of ₹ 6.91 crore, translating to ₹ 595 per sq ft.
As part of the deal, JP Morgan has paid a security deposit of ₹ 62.23 crore. The lease also includes a 15% rent escalation every three years.
The BKC lease also includes an option to extend the term by an additional 15 years, in three increments of five years each, the documents showed.
The Grade-A commercial building comprises six basements, a ground floor, 12 office floors, and a terrace, the documents show.
Emails have been sent to JP Morgan and Goisu Realty Private Limited seeking comment. The story will be updated if and when a response is received. JLL, the transaction advisor, declined to comment.
In 2022, JP Morgan leased 1.16 million sq ft of office space at Nirlon Knowledge Park in the Goregaon suburb of Mumbai for over 10 years with an option to extend for an additional 10 years.
Sources told HT.com that while J.P. Morgan's Goregaon facility serves as its back-office operations hub, the newly leased space in BKC is expected to function as its front office.
Property registration documents accessed through real estate data analytics platform Propstack showed that Goisu Realty Private Limited had acquired an 8,054-square-metre land parcel from The Bombay Dyeing and Manufacturing Company Limited in the city's Lower Parel area for ₹ 440 crore in 2024. The deal was part of a larger agreement to acquire 22 acres in Worli for ₹ 5200 crore.
In one of the biggest land deals in the Mumbai real estate market in recent times, the Wadia Group announced in September 2023 the sale of a 22-acre parcel at Wadia International Centre in Worli to Goisu Realty Private Ltd, a subsidiary of Japanese group Sumitomo Corporation, for ₹ 5,200 crore.
Sumitomo Corporation was established in 1919 and is spread across Asia, Europe, America, and Africa. It deals in infrastructure, real estate, media, metal products, transportation and construction systems, minerals, energy, and chemicals. All about BKC commercial district
BKC has several government offices, including MMRDA, Goods and Services Tax (GST), Reserve Bank of India, Income Tax Department, and Family Court. The US consulate is also located there near the Jio Convention Centre. Luxury hotels such as Sofitel and Trident are also in BKC.
Prominent companies with offices in BKC include Jio, Apple, Netflix, Google, Facebook, Amazon, the National Stock Exchange, Standard Chartered Bank, WeWork, CISCO, Pfizer, Spotify, and Blackstone. Other commercial deals in BKC
Elon Musk's Tesla has taken 4,000 sq ft of showroom space in India's costliest commercial district, Bandra Kurla Complex (BKC), in Mumbai, for ₹ 23.38 crore for five years.
The documents show that the showroom space has been rented out in a commercial building named Maker Maxity on North Avenue.
Also Read: Real estate institutional capital flows expected to decline by 37% to $3.06 bn in H1 this year: JLL
Experts said the amount sets a national record in terms of lease rentals and makes it the most expensive auto showroom lease deal in the country by far.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
34 minutes ago
- Hindustan Times
Bumble to lay off 30% global workforce, likely to save $40 million in annual cost savings
Bumble Inc. said it's cutting almost one-third of its staff, months after founder Whitney Wolfe Herd returned as chief executive officer to overhaul the struggling dating app. Shares of Bumble jumped 23% after markets opened in New York.(Reuters) The Austin-based company will eliminate around 240 roles globally, or about 30% of its workforce, it said in an exchange filing Wednesday. It expects to achieve as much as $40 million in annual cost savings from the reductions, and plans to 'reinvest the substantial majority' of those savings in 'strategic initiatives including product and technology development.' Shares of Bumble jumped 23% after markets opened in New York. Bumble and rival Match Group Inc., which owns Tinder and Hinge, have been struggling to adapt to a generational shift in how younger users date. Both companies have overhauled their executive teams this year in the hopes of returning to revenue growth. Match cut 13% of staff recently to streamline the company's organizational structure and reduce costs. The size of Wednesday's layoffs matched the last round Bumble conducted in 2024, weeks after the prior CEO, Lidiane Jones, assumed the role and shook up the C-suite ranks. Since returning to the company in March, Wolfe Herd has vowed to double down on removing bad actors from the platform to help users find higher-quality matches. She also said the brand will unveil a 'big update' to its Bumble BFF app for friendships, among other product releases planned this summer. The company said in the filing it expects to incur about $13 million to $18 million of charges primarily related to severance packages, mainly in the third and fourth quarter. On Wednesday, the company also boosted its second-quarter revenue guidance range to between $244 million and $249 million, up from a prior forecast of $235 million to $243 million. It also raised its outlook for adjusted earnings before interest taxes, depreciation and amortization to a range of $88 million to $93 million. The company has previously forecast $79 million to $84 million.
Indian Express
an hour ago
- Indian Express
Dairy Federation, Development Board ink pact for operation of 3 dairy plants in UP
The Uttar Pradesh Cooperative Dairy Federation (PCDF) on Wednesday signed a memorandum of understanding (MoU) with the National Dairy Development Board (NDDB) for the operation of three dairy plants in Kanpur, Gorakhpur and Kannauj, along with a animal feed production facility in Ambedkar Nagar. Chief Minister Yogi Adityanath was present during the function. The government said that with NDDB taking charge of these facilities, new standards of efficiency, transparency and professionalism would be established. Farmers will also benefit from timely payments, better prices and stable marketing channels. Speaking on the occasion, the CM said that by handing over the management to an experienced and capable institution like the NDDB, these units will improve in terms of technical skill, transparency, and direct benefits for farmers. He added that if Uttar Pradesh's huge potential in livestock and milk production is developed in a planned and scientific way, the state can not only become the top milk producer in the country but also make its mark globally. The MoU with NDDB is an important, practical and forward-looking step in that direction. CM Adityanath also highlighted that dairy development in Uttar Pradesh has given fresh impetus to women's empowerment. He mentioned the role of women in places like Balini Milk Producer Company in Jhansi and other districts like Agra and Gorakhpur and praised NDDB's support in making this happen. He noted that even though the state had great potential in farming and animal husbandry, previous governments had ignored this sector due to a lack of vision and proper policies. This left farmers disappointed and reduced the state's valuable livestock. The Chief Minister urged PCDF to adopt NDDB's best practices, emphasizing that the partnership will steer Uttar Pradesh's dairy sector toward a more progressive and efficient future. Chairman NDDB, Meenesh Shah, expressed his gratitude to the Chief Minister for his support during the successful organisation of the World Dairy Summit 2022 in Noida. He also updated the gathering on the latest progress of NDDB's dairy development projects in Uttar Pradesh. He assured that the three dairy plants and one animal feed unit handed over to NDDB would soon emerge as model and profit-making units in the state. The Principal Secretary of the Dairy Development Department informed that the Kanpur dairy plant, built at a cost of Rs 160.84 crore, has a processing capacity of 4 lakh litres per day. The Gorakhpur and Kannauj plants, constructed at Rs 61.80 crore and Rs 88.05 crore respectively, each have a daily capacity of 1 lakh litres. Although these plants were completed earlier, they remained underutilized due to the absence of commercial buyers and high operating costs. With NDDB now taking over operations, all three units are expected to function at full capacity. Also, the Ambedkar Nagar-based central animal feed manufacturing unit will also be transferred to NDDB under this agreement. Built at a cost of Rs 18.44 crore, this unit currently produces 100 metric tonnes of bypass protein feed per day, helping farmers across the state access affordable cattle feed. This financial year, the unit is estimated to earn a profit of Rs 66.88 lakh. The operations of these units handed over to NDDB aimed to help timely payments to farmers, active participation of local cooperative societies, planned use of resources, proper maintenance of equipment, and reduction of unnecessary expenses. The government further stated, under this model, there will be no extra financial burden on the state government, and the revenue-sharing benefits will be equally shared between the state and the farmers.
Time of India
an hour ago
- Time of India
JAL insolvency: Five firms submit bids to acquire bankrupt firm
Jaiprakash Associates Ltd (JAL) on Wednesday said it has received five bids along with earnest money for the acquisition of the company through insolvency process. In a regulatory filing, Jaiprakash Associates Ltd (JAL) informed that it has received five resolution plans. "... In response to the request for resolution plan issued in the corporate insolvency resolution process of JAL, the resolution professional has received five resolution plans along with earnest money, till the submission date," the regulatory filing said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Dividend Stocks With Strong Ratings Seeking Alpha Read Now Undo JAL, however, did not mention the names of the companies which have submitted the resolution plans. According to sources, Billionaire Gautam Adani Group firm Adani Enterprises , mining mogul Anil Agarwal's Vedanta , Dalmia Bharat Cement , Jindal Power and PNC Infratech are the five companies. Live Events Resolution plan of Jaypee Infratech, which was earlier acquired by Suraksha Group, is believed to have been rejected as it did not fulfill certain criteria, sources said. Lenders of Jaiprakash Associates Ltd (JAL) met on Wednesday to open the bids submitted by the interested parties. The last date was June 24. In April, as many as 25 companies showed interest to acquire JAL. JAL, which has business interests spanning real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal , Allahabad Bench, order dated June 3, 2024. JAL was taken to insolvency proceedings after the conglomerate defaulted on payment of loans. Creditors are claiming a staggering Rs 57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI). JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other companies. Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
