Nuvama and Cushman & Wakefield Management (NCW) have acquired TenSteps, a Grade A+ commercial office asset in Kharadi, Pune, through Prime Offices Fund (PRIME). This marks PRIME’s entry into its third city in India, scaling its portfolio to 3.8 million sq. ft. across Delhi NCR, Chennai, and Pune, with a gross asset value of Rs 4,000 crore.
Pune has emerged as the second-largest GCC market in 2025, overtaking Hyderabad and Chennai. The city’s strong combination of modern office infrastructure, IT-ITes base, and mature engineering and manufacturing ecosystem, complemented by a deep talent pool, cost advantages, and improving connectivity, makes it an attractive destination for GCCs.
“Pune’s rise as the second-largest GCC market for 2025 reflects its growing strategic importance within India’s office landscape,” said Moinuddin Patel, Managing Director, Pune, Cushman & Wakefield. Patel added that the city’s Grade A office supply expanded significantly in 2025, providing the capacity required to support this next phase of GCC growth.
Gaurav Puri, Chief Investment Officer, NCW, said they are deploying capital in prominent growth markets with a clear focus on asset quality. They are investing in a portfolio of Grade-A+ assets in key office markets that offer long-term visibility on demand and value creation for their investors, and Pune fits squarely within this framework.
Key Highlights:
– GCC gross leasing volume for Pune doubled to 5.43 million square feet in 2025
– Engineering and manufacturing sectors accounted for 41% of demand, followed by BFSI at 29%, IT-BPM at 18%
– PRIME targets investments in prime commercial office assets across key high-growth micro-markets in India
