Tishman Speyer, through its investment arm Axis Commercial Real Estate Fund, has partnered with Kasturi Housing to develop a state-of-the-art Grade-A commercial and IT office project in Balewadi, Pune. The project, valued at Rs 1,700 crore, will offer approximately 1 million sq ft of premium office space, integrating cutting-edge sustainability features and modern workplace design.
The partnership was structured and advised by JLL Capital Markets, Pune. Tishman Speyer and Axis CRE will hold a combined 50% stake in the project, while Kasturi Housing retains the remaining stake and owns the land. The special purpose vehicle (SPV) will oversee construction, development, and leasing.
“We are delighted to expand our footprint in India with a trusted and forward-thinking partner like Kasturi Housing,” said Parvesh Sharma, Managing Director, Tishman Speyer India. “Pune’s growth as a major business hub aligns with our vision of developing world-class, sustainable workplaces.”
The project aims for LEED/IGBC certification, focusing on creating a future-ready, wellness-oriented work environment. Construction is expected to be completed by 2028, catering to Pune’s growing demand for premium office spaces.
“Bringing together our design-driven development approach with Tishman Speyer’s global expertise, this project will redefine workspaces in Pune,” said Bharat Agarwal, Chairman, Kasturi Housing.
