Global financial services company BNY Mellon has signed one of the largest pre-lease agreement deals in India with the Prestige Group in Pune for nearly a million square feet, allowing the American financier to consolidate multiple offices across the city into one site location.
The office is spread over 16 floors at Prestige Alphatech in Pune and is expected to be operational by the fourth quarter of 2024.
The lease term is 15 years with a lock-in period and commands a rental of Rs 79 per sq ft.
The deal will take BNY Mellon’s total real estate footprint in India to over 1.4 million square feet across Pune and Chennai.
“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,” said Sudish Panicker, Managing Director, Global Head of Accounting, Operations & Site Executive, BNY Mellon India.
Prestige Group is witnessing strong leasing and plans to develop 40 million sq ft of office assets across significant markets like Bangalore, Mumbai, and Hyderabad, amongst others, over the next five years.
“This pre-release exhibits marquee occupiers’ continuing confidence in pre-committing to leasing buildings under construction with branded developers. This building epitomises 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,” said Juggy Marwaha, CEO of Prestige -Office.
The Prestige Group is looking at 10x growth in rental income from office assets of more than Rs 3,000 crore over the next five years. It plans to rebuild its income-generating office after selling it to the private equity firm Blackstone two years ago.
According to Pawan Panjwani, Managing Director and India Head of Engineering and Site Executive at BNY Mellon India, the new office space will bring all BNY Mellon’s Pune employees across all functions, including engineering, under one roof, propelling the collaboration and autonomy to deliver for our global clients. “Investment in this new world-class campus is part of our commitment to elevating our employee experience and driving a more connected future,” he said.
Sanjay Bajaj, MD-Pune JLL India, said Pune has witnessed consistent growth from BFSI GCCs and is now leading as one of the most sought-after locations in this sector. “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 said.
BNY Mellon had $47.8 trillion in assets under custody and/or administration and $2.0 trillion under management as of December 31, 2023. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation.
Real estate developer Prestige Group has projects worth over Rs 12300 crore across significant markets like Mumbai and Bangalore under the planning and construction stages.
Published On Jan 22, 2024 at 08:31 AM IST
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