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Rating agency Crisil Ltd has secured over 2.5 lakh sq ft of office space in the Saki Vihar area of Mumbai through a long-term lease. This agreement, amounting to nearly Rs 600 crore, stands out as one of the city’s largest single-tenant office deals in recent months.
The new office spans six floors of the commercial tower Lightbridge, co-owned by the Hiranandani brothers. The lease, which begins on August 31, 2025, extends for 15 years. The location will be branded as Crisil House, Lightbridge, following the company’s identity at its headquarters in Powai.
In an interesting turn, Crisil’s previous head office, a 177,000 sq ft space at One Downtown Central in Powai, has been leased to CoWrks India by the landlord, Brookfield Properties. Crisil had sold its former headquarters in Andheri back in 2021.
The ratings agency will incur a monthly rental fee of Rs 2.35 crore, which includes an annual rental escalation of 4.77%. The deal also necessitates a security deposit of Rs 38.2 crore, according to registration details reported by Propstack.
This move is seen as part of Crisil’s strategy to consolidate and expand its workspace, aligning with the growing trend of large companies securing significant office spaces through long-term leases due to limited new supply in key micro-markets.
CoWrks’ new lease is initially for seven months to allow the coworking operator to complete fit-outs for managed office services. This lease encompasses the ground floor and the 3rd to 9th floors, with a monthly rent of Rs 3.88 crore, along with a security deposit of Rs 23.33 crore, as per registration documents.
The Hiranandani Group has confirmed the deal, but RealtyDailyNews’s inquiries to Crisil and Brookfield have yet to receive a response.
The recent back-to-back leases highlight the changing landscape of Mumbai’s office market. Established corporations are either consolidating or upgrading to modern campuses, while flexible workspace providers are rapidly expanding to meet the demands of businesses seeking managed solutions.
Market analysts note that these transactions indicate strong absorption rates and low vacancy levels in prime areas like Powai and Saki Vihar.
“This situation exemplifies a healthy turnover—where a major tenant moves to a larger, more modern office, and the former space is quickly taken by a coworking entity,” commented a senior property consultant. “It highlights the strong demand and the increasing relationship between traditional and flexible workspace options.”
Crisil’s move and CoWrks’ entry account for over 4.2 lakh sq ft of leasing activity, contributing to the city’s solid office absorption this year. These transactions reinforce Mumbai’s status as a core market for office occupancy, driven by ongoing expansion, relocations, and demand for flexible spaces.
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