Tishman Speyer — the global developer behind New York’s Rockefeller Center and JPMorgan Chase’s new headquarters — has entered into a strategic partnership with Kasturi Housing to develop a Grade-A commercial and IT office project in Balewadi, Pune. The collaboration has been structured through the Axis Commercial Real Estate Fund, which has acquired an equal stake in the project’s SPV. JLL Capital Markets, Pune, acted as the exclusive consultant for the transaction.

The upcoming development will span approximately one million sq. ft and is positioned as a landmark addition to Pune’s western business district. Designed with global benchmarks, the project will incorporate advanced building technologies, sustainability-driven elements and modern workplace architecture. It aims for LEED/IGBC certification and a wellness-focused design to meet evolving occupier expectations.

Tishman Speyer India MD Parvesh Sharma said the partnership reflects the firm’s long-term commitment to India and aligns with Pune’s rise as a major corporate hub. Axis AMC Head of Real Estate Chetan Shah noted that Balewadi’s rapid infrastructure growth makes it a prime destination for high-quality commercial development.

Kasturi Housing Chairman Bharat Agarwal said the collaboration combines Tishman Speyer’s global expertise with Kasturi’s design-led approach, creating a next-generation office destination. JLL Senior Managing Director Sanjay Bajaj added that the venture will help set new standards for workplace experience in Pune, a market with more than 360 Global Capability Centres (GCCs) driving office demand.

Construction of the Balewadi project is slated for completion in 2028.