Latest news with #EatonTechnologies
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Business Standard
3 days ago
- Business
- Business Standard
Eaton Tech leases 1.5 lakh sq. ft. office in Pune for ₹1.65 cr monthly rent
Eaton Technologies, the Indian arm of global intelligent power management company Eaton Corporation, has signed a 10-year lease for 150,000 sq ft office space in an information technology park in Pune's Baner area for a monthly rent of Rs 1.65 crore. The deal, inked on August 3, 2025, covers 1,50,000 sq. ft. of chargeable area with 150 four-wheeler and 150 two-wheeler parking slots. The starting monthly rent is ₹1.65 crore, translating to ₹110 per sq. ft., with an annual escalation of 4.5%, as per property documents accessed by CRE Matrix, a data-driven real estate firm. Eaton will pay a security deposit of ₹9.9 crore to lessor Astrope Properties Pvt Ltd. The agreement includes a 5-year lock-in period and a full-term fit-out lock-in. Fit-out rent has been set at ₹2,400 per sq. ft. per month, along with CAM charges of ₹14.75 per sq. ft. The lease will commence on July 15, 2025, with phased rent commencement — Phase 1: 120 days post-lease start, Phase 2: December 1, 2025, Phase 3: January 15, 2026. The tenant also has the option to lease an additional 47,000 sq. ft. in Unit 801. The deal involves an estimated rental outflow of over Rs 250 crore over the entire term. The company is planning to set up its Global Capability Center (GCC) here. This transaction marks one of Pune's largest IT park leasing deals in 2025, underlining sustained demand for Grade A office space in the city's Baner micro-market. According to a recent Vestian Research report, more than 53 percent of global Global Capability Centres (GCCs) now operate out of India. India has established itself as the global hub for GCCs with over 1,700 of the estimated 3,200 centres worldwide.
Economic Times
4 days ago
- Business
- Economic Times
Eaton Technologies picks up 1.50 lakh sq ft in Pune through 10-year lease pact
Agencies Representative Image Eaton Technologies, the Indian arm of global intelligent power management company Eaton Corporation, has picked up over 150,000 sq ft office space in an information technology park in Pune's Baner area through a long-term lease spanning 10 years. The deal involves an estimated rental outflow of over Rs 250 crore over the entire term and Eaton also holds the option to lease an additional 47,000 sq ft within the same complex. The company is planning to set up its Global Capability Center (GCC) here. The deal is part of a growing wave of large office space commitments by multinational corporations in India, reinforcing the country's status as a key hub for GCCs. Strong talent availability, competitive costs and modern infrastructure continue to draw global firms expanding their operational footprint here. The space, comprising office space across three floors at Aditya Shagun Infinity IT Park, has been leased from Astrope Properties at a starting monthly rent of Rs 1.65 crore, or Rs 110 per sq ft, with an annual escalation of 4.5%. The lease, registered on August 3, carries a five-year lock-in period and provides 150 four-wheeler and 150 two-wheeler parking slots. The company has paid a security deposit of Rs 9.9 crore at the time of registration, showed documents accessed through realty data analytics firm CRE Matrix. The lease commences on July 15, with rent kicking in across three phases including 120 days from commencement for phase 1, December 1 for phase 2, and January 15 for phase 3. Fit-out rent has been fixed at Rs 2,400 per sq ft per month of chargeable area, while common area maintenance (CAM) charges are set at Rs 14.75 per sq ft per experts say this transaction adds to Pune's position as a preferred location for GCCs in sectors such as technology, engineering, and financial to real estate consultants, the western corridor of Pune, covering Baner, Balewadi, and Hinjewadi, has witnessed a surge in large, pre-committed office deals over the last 18 email queries to Eaton Technologies and Astrope Properties remained unanswered until the time of going to press. India's commercial office market has witnessed a landmark year in fiscal year 2025, with office leasing hitting record levels. According to rating agency ICRA, the momentum is expected to sustain in 2026, driven by sustained demand from key sectors such as GCCs, Banking, Financial Services and Insurance (BFSI) institutions, flexible workspace operators, and domestic Information Technology-Business Process Outsourcing (IT-BPM) firms. The net absorption of commercial office space across the top six cities, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai Metropolitan Region (MMR), and Pune, reached a record high of 65 million sq ft in FY2025, a growth of 14% year-on-year. This surge in demand surpassed the 58 million sq ft of supply for the year, indicating a strong pace of growth.
