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 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.
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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 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.
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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.