WeWork Secures Major Office Lease in Pune, India
WeWork leases 2 lakh sq ft office space in Pune’s Wakad for over ₹161 cr
Hindustan Times
Image: Hindustan Times
WeWork has leased 2 lakh sq ft of office space in Wakad, Pune, for over ₹161 crore (approximately $19.5 million USD). The lease, commencing on January 1, 2026, spans five floors in the Phoenix Millennium Tower-3 and includes a 10-year lease for the lower three floors.
- 01WeWork leases 2 lakh sq ft of office space in Pune's Wakad area.
- 02The total rent for the lease is over ₹161 crore (approximately $19.5 million USD).
- 03The lease begins on January 1, 2026, and spans the 13th to 17th floors of the building.
- 04Monthly rent is set at ₹1.49 crore, with scheduled escalations.
- 05WeWork has subleased parts of the space to several companies, including Arctera and TIBCO.
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WeWork has signed a lease for 2 lakh sq ft of commercial office space in Wakad, Pune, with a total rental cost exceeding ₹161 crore (around $19.5 million USD). The leased space is located in the Phoenix Millennium Tower-3, covering the 13th to 17th floors. The lease will commence on January 1, 2026, with the 13th, 14th, and 15th floors leased for 10 years, while the 16th and 17th floors are on a 5-year lease. The monthly rent is set at ₹1.49 crore, with a 12% increase after the first three years, followed by a 13.5% increase every subsequent three years. WeWork has already subleased the 13th to 15th floors to companies like Arctera and TIBCO, starting from August 26 at a rental rate of ₹255 per sq. ft. per month. This move is part of a broader trend in Pune's commercial real estate market, which has seen significant leasing activities from various companies recently.
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This lease signifies a growing demand for commercial office space in Pune, which could lead to increased job opportunities and economic activity in the region.
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