Bank of New York Mellon Leases 1.62 Lakh sqft Office Space in Pune From 315Avenue

This is surely one of the major corporate lease transactions in Pune.

Bank of New York Mellon Corporation (BNY Mellon), an American investment banking services holding company headquartered in New York City and a Fortune 500 corporation, has signed one of the most significant agreements of 2023 with 315Work Avenue.

Situated at Raheja Woods, Kalyani Nagar, Pune, the workspace spans 1.62 lakh square feet.

The first corporation to be listed on the New York Stock Exchange, BNY Mellon is the oldest bank in America.

The Bank of New York and the Mellon Financial Corporation merged in 2007 to form The Bank of New York Mellon Corporation, which is the corporate brand holdings of BNY Mellon.

With five centres in Pune spanning 0.5 million square feet and featuring approximately 10,000 seats, 315Work Avenue intends to double its presence in the city within the next twelve months. These centres are developed by renowned architects including Ascendas, Panchshil, and Raheja. In its various prominent locations throughout Bengaluru, Chennai, Mumbai, and Pune, 315Work Avenue presently oversees a total of 40,000 seats occupying 2 million square feet of space.

Founder of 315Work Avenue Manas Mehrotra mentioned that Co-working spaces are in high demand not only because they offer a cost-effective alternative to traditional office settings but also because they enhance employee work experiences, productivity, and efficiency.

Sanjay Bajaj, senior MD, Pune and executive supervision – Logistics & Industrial India, JLL mentioned that this transaction exemplified the growing significance and appeal of managed office solutions in the contemporary hybrid work environment, specifically for large enterprise occupiers spanning various sectors.

With more than 56,000 seats transacted in the last 30 months, representing a 19.9% market share, and over 12,000 seats in the pipeline for future construction, Pune's managed office space market has reached a high level of maturity.