Crisil inks 15-year lease for office in Mumbai's Saki Vihar, to pay nearly Rs 600 cr rent

Rating agency Crisil Ltd has picked up over 2.5 lakh sq ft office space in Mumbai’s Saki Vihar area through a long-term lease that will see the company paying total rentals worth nearly Rs 600 crore over the term, marking one of the city’s largest single-tenant office deals in recent months.

The company has leased the space spread across six floors of a commercial tower Lightbridge, jointly owned by Hiranandani brothers, for a tenure of 15 years, starting 31 August 2025. The premises will be known as Crisil House, Lightbridge, in line with the company’s headquarters branding at Powai.

Interestingly, the existing 177,000 sq ft head office at One Downtown Central in Powai, which was also picked up through a lease, has now been leased by the landlord Brookfield Properties to CoWrks India. Crisil had sold its erstwhile headquarter property in Andheri in 2021.

The ratings agency will be paying a monthly rent of Rs 2.35 crore for the new office and the agreement also includes an annual escalation of 4.77% on rent. The deal also includes a security deposit of Rs 38.2 crore, showed the registration details accessed through Propstack.

The move is being viewed as part of Crisil’s workspace consolidation and expansion strategy, aligning with the broader trend of large occupiers securing large office spaces through long-term leases amid limited new supply in key micro-markets.

CoWrks’ fresh lease is initially for seven months to enable the coworking operator complete fitouts for its managed office services. The lease covers the ground and 3rd to 9th floors, with a monthly rent of Rs 3.88 crore and a security deposit of Rs 23.33 crore, showed the registration documents.

Hiranandani Group confirmed the deal, while ET’s email queries to Crisil and Brookfield remained unanswered.

The two back-to-back deals highlight the evolving dynamics of Mumbai’s office market, where established corporates are consolidating or upgrading to new-age campuses, while flexible workspace operators are expanding aggressively to capture demand from enterprises seeking managed solutions.

Market experts said the transactions underscore strong absorption and low vacancy in prime micro-markets such as Powai and Saki Vihar.

“This is a classic example of healthy churn, where a blue-chip occupier moves into a larger, newer office and the vacated space is immediately picked up by a coworking player,” said a senior property consultant. “It reflects the depth of demand and the growing interplay between traditional and flexible workspace formats.”

Crisil’s relocation and CoWrks’ entry together account for over 4.2 lakh sq ft of leasing activity, adding to the city’s robust office absorption this year. The transactions also reinforce Mumbai’s status as a core occupier market, where expansion, relocation, and flexible space demand continue to drive leasing momentum.