In a significant real estate transaction of 2023, 315Work Avenue has penned a substantial deal with BNY Mellon (Bank of New York Mellon Corporation), a prestigious Fortune 500 company specializing in investment banking services. This milestone agreement encompasses an expansive 1.62 lakh square feet of prime workspace, situated within the vibrant locale of Raheja Woods, Kalyani Nagar, Pune.
A Deal of Distinction
The spotlight of this deal is firmly on BNY Mellon, America’s oldest bank, and the first company ever listed on the New York Stock Exchange. BNY Mellon represents the corporate brand of The Bank of New York Mellon Corporation, which resulted from the merger of The Bank of New York and the Mellon Financial Corporation in 2007.
315Work Avenue now boasts an impressive portfolio of five centers spanning across half a million square feet in Pune. These centers are established in collaboration with eminent developers such as Ascendas, Panchshil, and Raheja, collectively providing approximately 10,000 seats. The company’s ambitious expansion plan targets a doubling of its footprint within Pune over the next 12 months.
Reigning Across Prime Locations
With a pan-India presence, 315Work Avenue manages an extensive workspace of 2 million square feet, accommodating around 40,000 seats. These locations span across prime areas in key cities, including Bengaluru, Chennai, Mumbai, and now Pune. The growing demand for co-workspaces stems not only from their seamless alignment with the “new normal” of work but also from their cost-efficiency, productivity-boosting environment, and enhanced employee experience.
The Evolving Workspace Landscape
The deal with BNY Mellon exemplifies the surging importance and popularity of managed office solutions, particularly in the context of today’s hybrid work environment, which caters to large enterprise occupiers across diverse sectors. Pune, as a city, has reached a high level of market maturity concerning managed office spaces. Over the past 30 months, more than 56,000 seats have been transacted in Pune, constituting a substantial 19.9% market share. Furthermore, an additional 12,000+ seats are in the pipeline for future expansion, indicating a bright outlook for the city’s office space landscape.
