Pune: BNY Mellon Set to Occupy 1 Million Sq Ft Office Space in Kharadi Locality

Pune: BNY Mellon Set to Occupy 1 Million Sq Ft Office Space in Kharadi Locality
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Pune, 12th May 2023: The Bank of New York Mellon Corporation (BNY Mellon), an American investment banking services company, is currently in advanced negotiations to lease an entire tower in Pune’s Kharadi area. The office space spans nearly 1 million square feet and will be rented from realty developer Prestige Group for a duration of nine years. According to sources familiar with the matter, the annual rent for the space is approximately Rs 82 crore, totaling around Rs 738 crore for the entire lease period, excluding rental escalation.

The deal, expected to be finalized soon, is poised to become the largest commercial real estate transaction of the year. BNY Mellon plans to utilize the newly leased office space to accommodate its global capability center (GCC) through BNY Mellon International Operations (India) Private Ltd.

The lease agreement is likely to include a clause that increases the rent by 15% every three years. Initially, BNY Mellon will occupy over 850,000 square feet, with the option to extend the space by an additional 150,000 square feet.

The construction of the commercial tower, Prestige Alphatech, consisting of 17 floors, is nearing completion. Once possession is granted, the New York-based banking services company will commence its fit-out work.

BNY Mellon established its representative office in Mumbai in 1983, which serves as a key liaison point for its Indian client base. In 2003, BNY Mellon Technology Pvt Ltd, offering technology development, operations, and infrastructure management services, became part of the BNY Mellon Group. BNY Mellon International Operations (India) Pvt Ltd was founded in 2004 to provide global operational services to BNY Mellon, while its subsidiary, Pershing India Operational Services Pvt Ltd, was established in Chennai in 2013. The company employs over 12,000 individuals across its Mumbai, Pune, and Chennai locations.