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representative imageThe American Investment Banking Services Company Bank of New York Mellon Corporation ,BNY MellonNegotiations are on to lease an entire tower with office space spread over 1 million sq. ft. Pune‘S Kharadi locality from realty developer Prestige Group for a nine-year term, people with direct knowledge of the development said.
BNY Mellon The office space is close to being leased out at an annual rent of approximately Rs 82 crore, excluding rental escalation, taking the total rental payment over the entire tenure of the agreement to approximately Rs 738 crore.
The deal is expected to be completed soon and will be the largest commercial real estate transaction so far this year.
One of the individuals mentioned above said, “The newly-leased office space is likely to be used by BNY Mellon to set up its Global Competence Center (GCC) through BNY Mellon International Operations (India) Pvt Ltd. “
The lease agreement is likely to include a clause to increase the rent by 15 per cent every three years. As part of the deal, the multinational bank will immediately take over 850,000 sq ft of office space with an option to expand by another 150,000 sq ft.
trading tower Prestige Alphatech With a total of 17 floors, it is almost complete and the New York headquartered banking services company will soon take possession to start its fit out work.
The Mumbai representative office of BNY Mellon was established in 1983 and continues to serve as its principal point of contact for the Indian client base. Its technology development, technology operations and remote infrastructure management services company, BNY Mellon Technology Private Limited, became part of the BNY Mellon Group in 2003.
BNY Mellon International Operations (India) Private Limited was incorporated in 2004 to provide global operations service capabilities to BNY Mellon. The company set up a subsidiary, Pershing India Operational Services Private Limited, in Chennai in 2013. It has more than 12,000 employees across its three locations – Mumbai, Mumbai. Pune and Chennai.
Email query to BNY Mellon and ET Prestige Group remained unanswered till the time of going to press.
With global capability centres, captive and shared services being key growth drivers, the office market in Pune and in particular lathe The micro market is buzzing with activity. Property consultants said that the supply in the Kharadi micro-market alone is set to reach 25 million sq ft in 3-4 years.
Last week, Deloitte Consulting India leased over 156,000 sq ft of office space for 10 years at the International Tech Park in Kharadi as part of its India expansion plan. Recently, Germany-based global research publisher Springer Nature also leased over 110,000 sq ft of office space at Gera Commerzone, an IT special economic zone (SEZ) in Kharadi locality for 10 years.
According to property brokers, the tenant profile here includes a diverse range of large multinational corporations from the banking, financial services and insurance (BFSI), information technology and IT-enabled services (IT/ITES), e-commerce and engineering sectors.
The commercial office segment, which was hit hard by the pandemic, has made a comeback in the last 3-4 quarters, supported by strong economic growth, increase in hiring and return to office trend.
According to a recent report, gross office leasing grew 36% year-on-year to 51.6 million sq ft in July-December 2022. Completion of new office space increased 28% to 49.4 million square feet.
Office rental levels were stable or increased in all markets during this period, marking the second half since the first half of 2019. Bengaluru and Pune office markets to grow the most during the second half of 2022 at 11% and 7% respectively. ends
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