Global financial services giant BNY Mellon has entered into one of India’s largest pre-lease agreements with Prestige Group, securing a substantial 960,000 sq ft office space in Pune. The agreement for the new office at Prestige Alphatech marks a strategic move by BNY Mellon to consolidate its multiple offices in Pune into a single, efficient location, set to be operational in the fourth quarter of 2024.
The expansive 16-floor office space is poised to become a central hub for BNY Mellon’s operations in Pune, enhancing collaboration and efficiency across various functions, including engineering. The 15-year lease agreement includes a lock-in period and commands a rental rate of Rs 79 per sq ft, contributing to BNY Mellon’s total real estate footprint in India, surpassing 1.4 million square feet across Pune and Chennai.
Sudish Panicker, Managing Director, Global Head of Accounting, Operations & Site Executive, BNY Mellon India, stated, “This new campus positions us well to attract and retain top, diverse talent in the country as we expand our presence across strategic growth locations in Pune and Chennai.”
Prestige Group, a leading real estate developer, views this partnership as a testament to the confidence marquee occupiers have in pre-committing to leasing buildings under construction with reputable developers. The Prestige Group plans to develop 40 million sq ft of office assets across major markets like Bangalore, Mumbai, and Hyderabad over the next five years.
Juggy Marwaha, CEO of Prestige -Office, remarked, “This building epitomizes our commitment to the future of workspaces as part of our new-age work culture and future-proofs Prestige Group’s 2.0 office growth story.”
As Pune continues to attract growth from the Banking, Financial Services, and Insurance (BFSI) sector, BNY Mellon’s move to Prestige, Kharadi, reinforces the city’s position as a sought-after location in this sector. Sanjay Bajaj, MD-Pune JLL India, emphasized the city’s appeal, saying, “The Kharadi micro-market continues its pull to BFSI GCC occupiers, with its infrastructure, quality office real estate, and multiple residential options.”
The new world-class campus aligns with BNY Mellon’s commitment to enhancing the employee experience and fostering a connected future. Pawan Panjwani, Managing Director and India Head of Engineering and Site Executive at BNY Mellon India, expressed that the investment in the new campus reflects their dedication to elevating the employee experience and driving a more connected future.
