Global financial services company BNY Mellon has finalized a groundbreaking pre-lease agreement with Prestige Group, securing nearly a million square feet of office space in Pune. The move aims to consolidate BNY Mellon's multiple offices across the city into a single strategic location, signaling a significant expansion in the Indian market.
The sprawling 16-floor campus, situated at Prestige Alphatech in Pune, is anticipated to be operational by the fourth quarter of 2024. The 15-year lease agreement, complete with a lock-in period, commands a rental rate of Rs 79 per square foot. This landmark deal not only positions BNY Mellon as a key player in Pune's corporate landscape but also bolsters its total real estate footprint in India to over 1.4 million square feet, spanning Pune and Chennai.
Sudish Panicker, Managing Director, Global Head of Accounting, Operations & Site Executive, BNY Mellon India, expressed enthusiasm about the strategic move. "As we expand our presence across strategic growth locations in Pune and Chennai, this new campus positions us well to attract and retain top, diverse talent in the country."
Prestige Group, the real estate developer partnering with BNY Mellon on this project, is witnessing robust leasing activity. The company plans to develop 40 million square feet of office assets across major markets, including Bangalore, Mumbai, and Hyderabad, over the next five years.
Juggy Marwaha, CEO of Prestige - Office, highlighted the significance of the pre-lease agreement, stating, "This pre-release exhibits marquee occupiers' continuing confidence in pre-committing to leasing buildings under construction with branded developers. This building epitomizes our commitment to the future of workspaces as part of our new-age work culture and future-proof Prestige Groups 2.0 office growth story."
The Prestige Group aims for a 10x growth in rental income from office assets, projecting over Rs 3,000 crore in the next five years. Pawan Panjwani, Managing Director and India Head of Engineering and Site Executive at BNY Mellon India, emphasized that the new campus will bring all BNY Mellon's Pune employees under one roof, fostering collaboration and autonomy to deliver for global clients.
Sanjay Bajaj, MD-Pune JLL India, acknowledged Pune's consistent growth in the BFSI GCC sector, making it one of the most sought-after locations. "The most recent transaction concluded by BNY Mellon at Prestige, Kharadi is a testament to the city. Kharadi micro-market continues its pull to BFSI GCC occupiers, with its infrastructure, quality office real estate, and multiple residential options," he stated.
With $47.8 trillion in assets under custody and/or administration and $2.0 trillion under management as of December 31, 2023, BNY Mellon's move to consolidate its operations in Pune marks a significant milestone in its global expansion strategy. The new world-class campus aligns with the company's commitment to elevating employee experience and driving a more connected future.
