Crisil Seals ₹600 Crore, 15-Year Office Lease Deal with Hiranandani in Mumbai's Saki Vihar

In what has been described as one of Mumbai's most significant single-tenant commercial real estate transactions of 2025, Crisil Ltd has reportedly entered into a 15-year lease agreement for approximately 250,000 square feet of premium office space in the Saki Vihar area. Industry sources revealed that the leased premises form part of the Lightbridge commercial tower, which is jointly owned by the prominent Hiranandani brothers. The deal, estimated at nearly ₹600 crore, is being viewed as a strategic move in Crisil's ongoing workspace consolidation and expansion initiative.

Key Transaction Details

According to reports, the lease agreement encompasses six floors of the Lightbridge tower, with a monthly rental commitment of ₹2.35 crore. The 15-year lease term commenced on August 31, 2025, and includes an annual rent escalation clause of 4.77 percent. Sources familiar with the deal indicated that Crisil has paid a security deposit of ₹38.2 crore, and the premises will be branded as 'Crisil House, Lightbridge', reflecting the company's long-term commitment to the location. This significant transaction underscores the growing demand for premium office spaces in major Indian cities.

Strategic Office Consolidation Initiative

Market observers noted that Crisil's new lease forms part of a broader strategy to consolidate its operations under a single roof. The financial services company will reportedly be relocating from its current 177,000 square feet head office at One Downtown Central in Powai's commercial real estate hub, which it had previously leased. The vacated space has been taken over by Brookfield Properties and subsequently re-leased to CoWrks India, a prominent managed workspace provider. This move aligns with a trend among major corporations toward flexible and modern office leasing arrangements.

It was further revealed that in 2021, Crisil had sold its owned headquarters in Andheri, indicating a strategic pivot toward long-term lease-based office models rather than owning commercial properties.

CoWrks Takes Over Powai Premises

Following Crisil's departure, CoWrks India has reportedly secured the One Downtown Central premises in Powai through a substantial leasing arrangement. The coworking space operator has leased multiple floors including the ground floor and the third through ninth floors, with a monthly rental commitment of ₹3.88 crore. Sources indicated that CoWrks has paid a security deposit of ₹23.33 crore and has initially secured a seven-month lease term specifically for completing fit-out works. This short-term initial arrangement allows the company to customize the space for its enterprise-focused managed office services before commencing full operations. The development reflects the growing flex space market in India.

Emerging Market Dynamics and Trends

Real estate analysts suggested that these two significant deals highlight several emerging trends in Mumbai's commercial property market. Industry experts observed that major corporations are increasingly committing to long-term leases in modern office campuses, reflecting post-pandemic workspace planning strategies. The trend demonstrates renewed confidence in physical office spaces while emphasizing the importance of quality infrastructure and amenities.

Simultaneously, coworking and managed office operators are reportedly expanding rapidly across the city, meeting growing demand from enterprises seeking flexible office models. The sector has witnessed significant investment and scale-up activities as more organizations look for alternatives to traditional long-term leases. Prime markets such as Powai and Saki Vihar are experiencing strong leasing activity and maintaining low vacancy rates, according to property consultants.

Industry experts characterized this pattern as a case of "healthy churn," where established blue-chip tenants upgrade to newer locations while flexible workspace operators quickly backfill the vacated spaces. This dynamic keeps market occupancy rates high and ensures continuous activity across different commercial segments. The trend has been particularly pronounced in upcoming real estate projects across Mumbai.

Market Outlook and Investment Confidence

Commenting on the broader implications, market analysts noted that Crisil's substantial lease at Lightbridge reflects growing confidence in Grade-A commercial assets in Mumbai. As large enterprises secure high-quality office space and coworking operators scale their operations to serve evolving workplace needs, Mumbai's office market continues to attract significant long-term investments and high-value leasing activity. The transaction is expected to set benchmarks for similar deals in the eastern suburbs of Mumbai, particularly in areas with strong infrastructure connectivity and modern commercial developments. The positive momentum in Mumbai's commercial landscape is expected to continue throughout 2025.

Disclaimer: This article is based on information available from public sources and industry reports. Readers are advised to verify all details independently and consult with qualified real estate and financial advisors before making any property-related decisions. The information presented is for general informational purposes only and should not be construed as professional advice. Property values, rental rates, and lease terms mentioned are indicative and subject to change based on market conditions.