Business · India Bureau
TIAA Global Capabilities signs decade-long lease for Pune office space
The IT services company has committed to a 10-year lease for over 2.56 lakh square feet of office space in Pune's Wagholi area, with the agreement valued at approximately ₹320 crore.
LSN India ·
TIAA Global Capabilities has leased 2.56 lakh square feet of office space at Panchshil Vantage in Wagholi, Pune, cementing its presence in one of India's key technology hubs. The company has signed a decade-long lease agreement with a monthly rental of ₹92 per square foot, translating to an aggregate value of around ₹320 crore over the lease period.
The lease includes an escalation clause that will see rental rates increase by 15 per cent every three years, aligning with industry-standard commercial property arrangements. This structure provides the company with predictable cost planning while accounting for inflation over the extended lease tenure.
The Wagholi location in Pune has emerged as a preferred destination for global companies establishing or expanding their operations in India. Panchshil Vantage offers modern infrastructure and amenities designed for large-scale corporate occupancy, making it suitable for IT and business process outsourcing firms.
The lease underscores continued corporate investment in Pune's commercial real estate market despite broader economic uncertainties. The city has positioned itself as a competitive alternative to traditional IT hubs, offering lower operational costs combined with access to skilled talent and improving connectivity.