JP Morgan has picked up over 1.16 million sq ft office space with 1,130 car parks at Nirlon Knowledge Park, Goregaon on a 10-year lease. The leave and licence deal has been signed between JP Morgan Services India Pvt Ltd and Nirlon limited.
At ₹145 per sq ft a month, the rent for the first years will be over ₹201.85 crores. With an escalation of 15% every three years, the total rent for the entire tenure of 10 years will cross ₹2,000 crores. The 10-year lease period starts from December 15, 2021, and ends on December 14, 2031 and has a five-year lock-in period. The leave and licence have an extension option of two terms of five years each.
A security refundable dropout of ₹151.39 crores has been paid too. According to documents, a stamp duty of ₹425.65 crores has been paid for the leave and licence agreement registration.
According to documents provided by Propstack, a firm that accumulates data via public documents, the paperwork related to the deal was carried out in January 2022, but the registration took place only in June this year.