TIAA Global Capabilities Private Limited has leased close to 2.5 lakh sq ft of office space in Pune for an estimated total rent of ₹320 crore over 10 years, according to documents accessed by Propstack.
The company has leased office space at Panchshil Vantage in Wagholi from landlord P-One Infrastructure Private Limited. The lease commenced on June 1, 2026, and covers four floors, the documents showed.
The first tranche comprises floors 5, 6 and 7, spanning 187,996 sq ft, with rent payments starting from December 1, 2026. The second tranche covers floor 8 and spans 67,717 sq ft, with rent payments scheduled to begin from June 1, 2027, the documents showed.
The rent is ₹2.35 crore per month, with a security deposit of ₹14.11 crore. The lease provides for a 15% escalation in rent every three years, according to the documents.
TIAA Global Business Services (GBS) India, the Global Capability Center of TIAA, is a provider of secure retirement and outcome-focused investment solutions to millions of people and thousands of institutions.
The company could not be reached for a comment.
“This transaction reaffirm’s Pune’s strong positioning as a core hub for BFSI and global technology operations. A long-term 10-year commitment of this scale by TIAA Global Capabilities—totaling over ₹320 crore in rental outflow across two tranches—reflects high enterprise appetite for institutional Grade-A developments in micro-markets like Wagholi/Kharadi corridor,” said Raja Seetharaman, co-founder Propstack.
“With marquee tenants scaling their tech and shared services footprints, well-connected Grade-A office supply continues to command healthy rental stability and robust institutional occupancy,” Seetharaman said.
Previous transactions in the Pune real estate market
Earlier this month, the State Bank of India (SBI) has acquired 8,581 sq m (around 92,000 sq ft) of leasehold land along with 1.83 lakh sq ft of built-up space spread across 15 floors at Pune’s Kharadi Knowledge Park for ₹414 crore, according to property registration documents accessed by CRE Matrix. The transaction is among the largest office asset deals concluded by a bank.
The transaction gives SBI the leasehold rights to the land along with outright ownership of the 17,078.56 sq m (around 183,830 sq ft) building standing on the plot, according to the registration documents. The building comprises a basement, stilt and 15 floors. The property also includes 200 car parking spaces.
