BNY Mellon Inks Pre-Lease Agreement with Prestige Group
Real Estate

BNY Mellon Inks Pre-Lease Agreement with Prestige Group

Global financial services company BNY Mellon has finalized a groundbreaking pre-lease agreement with Prestige Group, securing nearly a million square feet of office space in Pune. The move aims to consolidate BNY Mellon's multiple offices across the city into a single strategic location, signaling a significant expansion in the Indian market.

The sprawling 16-floor campus, situated at Prestige Alphatech in Pune, is anticipated to be operational by the fourth quarter of 2024. The 15-year lease agreement, complete with a lock-in period, commands a rental rate of Rs 79 per square foot. This landmark deal not only positions BNY Mellon as a key player in Pune's corporate landscape but also bolsters its total real estate footprint in India to over 1.4 million square feet, spanning Pune and Chennai.

Sudish Panicker, Managing Director, Global Head of Accounting, Operations & Site Executive, BNY Mellon India, expressed enthusiasm about the strategic move. "As we expand our presence across strategic growth locations in Pune and Chennai, this new campus positions us well to attract and retain top, diverse talent in the country."

Prestige Group, the real estate developer partnering with BNY Mellon on this project, is witnessing robust leasing activity. The company plans to develop 40 million square feet of office assets across major markets, including Bangalore, Mumbai, and Hyderabad, over the next five years.

Juggy Marwaha, CEO of Prestige - Office, highlighted the significance of the pre-lease agreement, stating, "This pre-release exhibits marquee occupiers' continuing confidence in pre-committing to leasing buildings under construction with branded developers. This building epitomizes our commitment to the future of workspaces as part of our new-age work culture and future-proof Prestige Groups 2.0 office growth story."

The Prestige Group aims for a 10x growth in rental income from office assets, projecting over Rs 3,000 crore in the next five years. Pawan Panjwani, Managing Director and India Head of Engineering and Site Executive at BNY Mellon India, emphasized that the new campus will bring all BNY Mellon's Pune employees under one roof, fostering collaboration and autonomy to deliver for global clients.

Sanjay Bajaj, MD-Pune JLL India, acknowledged Pune's consistent growth in the BFSI GCC sector, making it one of the most sought-after locations. "The most recent transaction concluded by BNY Mellon at Prestige, Kharadi is a testament to the city. Kharadi micro-market continues its pull to BFSI GCC occupiers, with its infrastructure, quality office real estate, and multiple residential options," he stated.

With $47.8 trillion in assets under custody and/or administration and $2.0 trillion under management as of December 31, 2023, BNY Mellon's move to consolidate its operations in Pune marks a significant milestone in its global expansion strategy. The new world-class campus aligns with the company's commitment to elevating employee experience and driving a more connected future.

Global financial services company BNY Mellon has finalized a groundbreaking pre-lease agreement with Prestige Group, securing nearly a million square feet of office space in Pune. The move aims to consolidate BNY Mellon's multiple offices across the city into a single strategic location, signaling a significant expansion in the Indian market. The sprawling 16-floor campus, situated at Prestige Alphatech in Pune, is anticipated to be operational by the fourth quarter of 2024. The 15-year lease agreement, complete with a lock-in period, commands a rental rate of Rs 79 per square foot. This landmark deal not only positions BNY Mellon as a key player in Pune's corporate landscape but also bolsters its total real estate footprint in India to over 1.4 million square feet, spanning Pune and Chennai. Sudish Panicker, Managing Director, Global Head of Accounting, Operations & Site Executive, BNY Mellon India, expressed enthusiasm about the strategic move. As we expand our presence across strategic growth locations in Pune and Chennai, this new campus positions us well to attract and retain top, diverse talent in the country. Prestige Group, the real estate developer partnering with BNY Mellon on this project, is witnessing robust leasing activity. The company plans to develop 40 million square feet of office assets across major markets, including Bangalore, Mumbai, and Hyderabad, over the next five years. Juggy Marwaha, CEO of Prestige - Office, highlighted the significance of the pre-lease agreement, stating, This pre-release exhibits marquee occupiers' continuing confidence in pre-committing to leasing buildings under construction with branded developers. This building epitomizes our commitment to the future of workspaces as part of our new-age work culture and future-proof Prestige Groups 2.0 office growth story. The Prestige Group aims for a 10x growth in rental income from office assets, projecting over Rs 3,000 crore in the next five years. Pawan Panjwani, Managing Director and India Head of Engineering and Site Executive at BNY Mellon India, emphasized that the new campus will bring all BNY Mellon's Pune employees under one roof, fostering collaboration and autonomy to deliver for global clients. Sanjay Bajaj, MD-Pune JLL India, acknowledged Pune's consistent growth in the BFSI GCC sector, making it one of the most sought-after locations. The most recent transaction concluded by BNY Mellon at Prestige, Kharadi is a testament to the city. Kharadi micro-market continues its pull to BFSI GCC occupiers, with its infrastructure, quality office real estate, and multiple residential options, he stated. With $47.8 trillion in assets under custody and/or administration and $2.0 trillion under management as of December 31, 2023, BNY Mellon's move to consolidate its operations in Pune marks a significant milestone in its global expansion strategy. The new world-class campus aligns with the company's commitment to elevating employee experience and driving a more connected future.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code