US-based Apex Fund Service leases 53,500 sq ft office space in Pune
US-based fund management company Apex Fund Service LLP has picked up over 53,592 sq ft office space in Pune’s Viman Nagar from property developer Panchshil Realty for a total tenure of five years.
The company has leased the office space on the 7th floor of Panchshil Business Park’s tower A with a lock-in period spanning over the entire lease tenure.
As per the agreement, Apex Fund Service will be paying monthly rentals of Rs 107 per sq ft for the office space. It also includes a clause to escalate rentals by 15% after the first three years, showed the registration documents accessed by ET.
The company has paid a security deposit worth Rs 1.50 crore for the said transaction. As part of the deal, Apex Fund Services will also get access to a total 49 car parking and 82 two-wheeler parking slots on payment of a certain parking charges.
“It is a testimony to the fact that tenants continue to be attracted to premium grade A offices. The Panchshil Business Park houses marquee tenants such as Snowflake, Tablespace Technologies, TransUnion Global, Marvell India, Streamland Media to name a few,” said Sagar Chordia, director, Panchshil Realty.
According to property consultants, the demand for the commercial real estate spaces in Pune has primarily been driven by manufacturing sector companies, banks, and financial institutions.
“While the manufacturing companies are preferring West Pune or CBD localities due to proximity to the manufacturing hubs Chakan and Bhosari. On the other hand, financial sector companies and banks are preferring East Pune,” said Rounak J of Rounak Real Estate Consultants that acted as the transaction advisor.
ET’s email query to Apex Fund Services remained unanswered.
The commercial office segment, which was significantly impacted by the pandemic, has made a comeback in the last 3-4 quarters, supported by strong economic growth, increased hiring, and a return to the office trend.
