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Thursday, July 25, 2024

BNY Mellon Inks Major Lease Deal with Prestige Group for Pune Office Expansion

BNY Mellon, a global financial services company, has finalized a substantial pre-lease agreement in India with the Prestige Group for a Pune office, marking one of the largest deals in the country. The new office, located at Prestige Alphatech in Pune, spans 16 floors and is slated to commence operations in the fourth quarter of 2024. With a 15-year lease term and a lock-in period, the rental rate is set at Rs 79 per sq ft. This strategic move enables BNY Mellon to consolidate its various offices in Pune into a single location, contributing to a total real estate footprint of over 1.4 million square feet in India, covering Pune and Chennai.

Sudish Panicker, Managing Director, Global Head of Accounting, Operations & Site Executive, BNY Mellon India, emphasized the significance of the new campus in attracting and retaining diverse talent across Pune and Chennai’s strategic growth locations. The deal underscores BNY Mellon’s commitment to expanding its presence in these key cities.

Prestige Group, the real estate developer, is experiencing robust leasing activity and aims to develop 40 million sq ft of office assets in major markets like Bangalore, Mumbai, and Hyderabad over the next five years. Juggy Marwaha, CEO of Prestige – Office, highlighted the confidence shown by prominent occupiers in pre-committing to leasing buildings under construction.

Pawan Panjwani, Managing Director and India Head of Engineering and Site Executive at BNY Mellon India, emphasized that the new office space will bring together all Pune employees across functions, fostering collaboration and autonomy to better serve global clients. The investment in this state-of-the-art campus aligns with BNY Mellon’s commitment to enhancing the employee experience.

Sanjay Bajaj, MD-Pune JLL India, noted Pune’s consistent growth in the BFSI GCCs (Global Capability Centers) sector, with Kharadi micro-market attracting occupiers due to its infrastructure, quality office real estate, and residential options.

BNY Mellon, boasting $47.8 trillion in assets under custody and/or administration and $2.0 trillion under management as of December 31, 2023, continues to solidify its presence in India. Prestige Group, with projects worth over Rs 12,300 crore in the pipeline, is gearing for substantial growth in rental income from office assets over the next five years, following the strategic sale of its income-generating office to Blackstone two years ago.

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