MUMBAI/PUNE – In a significant milestone for Pune’s commercial real estate market, Tishman Speyer — the global developer behind iconic projects such as Rockefeller Center and the recently completed JPMorgan Chase global headquarters at 270 Park Avenue, New York — through its investment arm Axis Commercial Real Estate Fund has entered into a strategic partnership with Kasturi Housing to develop a state-of-the-art Grade-A commercial and IT office project in Balewadi, Pune. The partnership was structured and advised by JLL Capital Markets, Pune, which acted as the exclusive real estate consultant bringing together both parties.
As part of the alliance, Tishman Speyer, through its investment partner Axis CRE fund, has acquired an equal stake in the project’s special purpose vehicle (SPV) with Kasturi. The SPV will oversee the construction, development, and leasing of this marquee office project, envisioned as a landmark addition to Pune’s western business district.
The upcoming project will offer approximately 1 million sq. ft. of premium, globally benchmarked Grade-A office space, integrating cutting-edge sustainability features, advanced building technologies, and modern workplace design. The development aims for LEED/IGBC certification, and will focus on creating a future-ready, wellness-oriented work environment.
“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. This project underscores our long-term commitment to India.”
Speaking on the investment, Chetan Shah, Head Real Estate, Axis AMC added, “With significant infrastructure development underway, we are excited to launch our latest project in Pune, strategically located in a rapidly revitalizing area. The Kasturi group has created a landmark development at Balewadi.”
Commenting on the partnership, Bharat Agarwal, Chairman, Kasturi Housing, said “This collaboration marks a significant milestone for Kasturi as we bring together our design-driven development approach with Tishman Speyer’s global expertise. The project will redefine workspaces in Pune with a focus on sustainability, technology, and experience.”
Sanjay Bajaj, Senior Managing Director, JLL Pune, said, “This partnership marks a significant milestone for Pune’s commercial real estate market. Bringing together Tishman Speyer’s global development strengths and Kasturi Housing’s established presence creates a powerhouse combination. JLL is proud to have advised both parties in structuring this collaboration, which will set new benchmarks in design, sustainability, and occupier experience in the Pune office market.”
Construction on the Balewadi office project is set to get completed by 2028. Pune has 360+ GCC which drive Occupier demand & amongst the most sought-after Office markets in India!
