US-based firm leases Space in Pune to Establish GCC

A US-based Mortgage Technology company’s Indian arm, ICE MT India Private Limited, leased office space in Pune. The deal covers 1.93 lakh sq ft—space in Pune’s Magarpatta Cyber City to establish its Global Capability Center (GCC). The America-based company rents the space for a total of Rs. 217 Crore, according to a leading news portal.

The space is leased from Axis Max Life Insurance limited for nine years. In Magarpatta Cyber City, the US-based company inked the deal in Tower S3 for 1.54 lakh sq.ft. carpet area and 1.93 lakh sq.ft. chargeable area.

The deal was finalised in December 2025, at a stamp duty value of Rs. 4.42 Crore for registration. A monthly rental of the office space is Rs. 1.73 Crore with a 15 per cent rise every three years. The company paid Rs. 10.42 Crore as security deposit for leased office space in Pune.

Also, the leased space has a parking capacity of 715 vehicles, including 238 cars and 477 two-wheelers. Each floor has an area of over 29,000 sq. ft., and the seventh floor has 15,000 sq.ft.

Biggest GCCs Lease Activity in India

In CRE (Commercial Real Estate) in India, JP Morgan Services India Private Limited, in December 2025, leased office space in Mumbai. Listed as one of the largest commercial property transactions, the company leased a built-to-suit office space in Powai for more than 13 lakh sq.ft.

It is an SPV (Special Purpose Vehicle) with Brookfield Properties holding stake here, and the total rent value for the same is Rs. 5,200 Crore. The detail is according to the news published in leading news portal.

The office space is likely to host the Global Capability Center (GCC) for an American investment banking institution.

Brookfield Properties, in their statement in December 2025, stated that the company has signed an agreement for built-to-suit lease agreement with JP Morgan Chase to develop the GCC in Mumbai’s Powai. The statement further stated that JP Morgan will be the only occupier of the space with a lease of 20 years.

GCCs leasing Activity increased in India - JLL

JLL reports that leasing activity for GCCs (Global Capability Center) in India touched a record of 31 million sq. ft. in 2025, as per the report published in a leading online daily. Therefore, resonating a reflection of a quality environment for work in metro cities. Every space is distinguished across digital industry verticals.

In the last four years, Pune has locked 15-20 per cent of the national GCC activity as IT giants are lured through via distinguished factors. Like qualitative living standard, skilled workforce presence, and well-positioning of office hubs. Also, Pune accelerates in sectors like BFSI, Automotive, IT/ITeS, Manufacturing, and Engineering, as per the report.

In 2025, India's Office Leasing Activity crosses 70 million sq. ft. Mark - Colliers

India’s commercial property segment experienced upward growth momentum in 2025. Colliers India reports that office leasing in top Indian cities exceeds 70 million sq. ft. For the first time, India’s commercial real estate witnesses a strong sentiment and steady growth. The five-figure mark crossing incorporated demand for Grade ‘A’ premium workspaces.

Office leasing stood at 60 percent YoY (Year-on-Year Increase) with 71.5 million sq.ft in 2025. The last year’s last quarter (Oct-Dec) plays a pivotal role as demand for office spaces leasing grew to 20 million sq ft. mark. It is more than the earlier quarter, reflecting the closure of large-ticket size deals and business expansion sentiment.

In 2025, Bangalore earned one-third of the office space leasing, the largest portion of the pie of 22.1 million sq.ft. Following India’s silicon city is Delhi-NCR, Hyderabad, Chennai, and Mumbai, with contributions to activities of 13-16 per cent. This growth indicates zest for business expansion across tier I cities.