January 16, 2026: BA Continuum India Private Limited, a subsidiary of Bank of America, has taken on lease 1.11 lakh sq ft of office space in Powai, Mumbai, at a monthly rent of about Rs 1.43 crore, according to documents accessed by CRE Matrix. The transaction highlights continued leasing activity by global firms in the city’s established office micro-markets.
The company has signed a registered lease agreement with Chalet Hotels Limited for space located in the Cignus building at Passpoli, Powai. The leased premises span the 22nd and 23rd floors of the commercial tower, with the agreement registered on December 24, 2025. As per the documents, the agreed rent works out to Rs 129 per sq ft per month, in addition to common area maintenance charges of Rs 20 per sq ft per month.
The lease commenced on January 1, 2026, and has a tenure of 10 years and nine months, with a lock-in period of three years. The agreement provides for a 15% rent escalation starting October 1, 2027, followed by similar increases every three years, calculated on the last paid rent. BA Continuum has also paid a security deposit of Rs 8.59 crore and has been allotted 112 car parking slots as part of the transaction.
Email queries sent to BA Continuum and Chalet Hotels did not elicit responses at the time of publishing.
Powai has seen several large office leasing transactions in recent years. JP Morgan Services India Private Limited earlier leased over 2.71 lakh sq ft at One Downtown Central for five years, with a total rental value of Rs 612 crore. The deal included a monthly rent of more than Rs 9.23 crore and a security deposit exceeding Rs 55 crore.
In another major transaction, CRISIL Limited signed a 15-year lease last year for around 2.5 lakh sq ft at Hiranandani Lightbridge in Powai, with a total rent outgo of Rs 597 crore. The area continues to attract IT, BFSI and global capability centres due to modern office stock, strong connectivity and proximity to key transport corridors.
