BNY Mellon Signs Largest Co-working Lease Deal in Pune




Takes 162,000 sq ft office space on lease from 315Work Avenue in prime commercial zone

Mumbai: In one of the largest co-working office transactions, American investment banking services company The Bank of New York Mellon Corporation (BNY Mellon) has picked up over 162,000 sq ft workspace in Pune through a lease agreement with flexible office provider 315Work Avenue.

The New York-headquartered company’s latest office is spread across five entire floors at Raheja Woods in one of Pune’s prime commercial zones Kalyani Nagar. In August, 315Work Avenue picked up these five floors in Raheja Woods through a long-term lease of five years.

This deal marks another milestone in the company’s expansion plans, solidifying its presence in key business hubs. The demand for co-workspaces is constantly increasing not only because such spaces perfect fit the new normal, but they spaces are drawing the also help companies productivity, and enhance work experience of employees,” said Manas Mehrotra, founder, 315 work avenue.

The American investment banking services company has been expanding its presence in India. In May, ET was the first to report that BNY Mellon was set to lease an entire tower with office space spread over nearly 1 million sq ft in Pune’s Kharadi locality from realty developer Prestige Group for a tenure of nine years.

“This transaction reflects the increasing importance and popularity of managed office solutions in today’s hybrid working environment, particularly for large enterprise occupiers across sectors,” said Sanjay Bajaj, senior MD -Pune and executive over- sight-logistics & industrial India at JLL, which facilitated the deal.

According to Mehrotra, shared spaces are drawing the attention of big and small enterprises alike as they are increasingly attracted by the fusion of creativity and technology The co-working sector’s impact is poised to amplify in the future, driven by the fundamental transformation work dynamics have under- gone, which is unlikely to revert.


Source- The Economic Times