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Global financial services company BNY Mellon has finalized a pre-lease agreement with Prestige Group, securing nearly a million square feet of office space in Pune. The move aims to help BNY Mellon consolidate multiple offices across the city into a single location.
The office is spread over 16 floors at Prestige Alphatech in Pune and is expected to be operational by the fourth quarter of 2024. The 15-year lease agreement comes with a lock-in period and commands a rental rate of Rs 79 per square foot. The deal will take BNY Mellon's total real estate footprint in India to over 1.4 million square feet across Pune and Chennai.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon had USD 47.8 trillion in assets under custody and/or administration and USD 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. Sudhish Panicker, Managing Director, Global Head of Accounting, Operations & Site Executive, BNY Mellon India, says that this new campus positions them 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. It plans to develop 40 million sq ft of office assets across significant markets like Bangalore, Mumbai, and Hyderabad, amongst others, over the next five years. The company is looking at 10x growth in rental income from office assets, aiming for more than Rs 3,000 crore over the next five years. Prestige Group currently has projects worth over Rs 12,300 crore across significant markets like Mumbai and Bangalore under the planning and construction stages.
Prestige Alphatech is a Grade A commercial property in Kharadi micro market. It is a 17-storey tower and was completed in 2023. The prime location allows easy access to public transportation and hotels nearby. Other commercial projects in Kharadi area are Kolte Patil City Vista, The Platinum Towers by Avishkar Arista, Vilas Javdekar (VJ) Palladio Kharadi Central, Nyati Enthral, Konark Alpha. The average price in the area ranges between Rs 9000-Rs 13000 per sq ft. The projects offer office spaces of various sizes ranging from 360 sq ft to over 8000 sq ft.
In conclusion, BNY Mellon's pre-lease agreement at Prestige Alphatech in Pune marks a milestone in its global expansion strategy. The move signifies Pune's growth as a sought-after location for the BFSI sector further underscoring the strategic significance of this real estate development.
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