American multinational financial services company Intercontinental Exchange, via its subsidiary ICE Mortgage Technology India, has secured nearly 200,000 sq ft of office space spread across 9 floors in a commercial tower located in Pune’s Magarpatta Cybercity through a long-term lease, intending to establish a global capability center (GCC).
This space, situated in Tower S3 of the business district, has been leased from Axis Max Life Insurance.
The lease encompasses approximately 193,053 sq ft, covering the lower ground floor, upper ground floor, and floors one to seven. The rental rate has been set at Rs 90 per sq ft per month, amounting to a monthly payment of approximately Rs 1.73 crore. The agreement includes a provision for a 15% rental increase every three years.
The company deposited around Rs 10.42 crore as a security deposit during the registration process in January, as shown in documents obtained from Propstack, a real estate data analytics platform.
This transaction highlights the ongoing growth of global capability centers in Pune, which has emerged as a key GCC hub following Bengaluru and Hyderabad.
Multinational corporations, especially in the financial services and technology sectors, are increasingly choosing Pune for its substantial engineering talent, lower operating costs, and well-established office micro-markets such as Magarpatta, Hinjewadi, and Kharadi.
Intercontinental Exchange operates digital infrastructure and technology platforms for global mortgage and financial markets, and the new India center is anticipated to focus on product engineering, technology operations, and back-end processing.
RealtyDailyNews’s email query to ICE MT and Axis Max Life Insurance went unanswered.
Pune has seen a consistent influx of leasing activities from multinational companies in recent years. Institutional owners, including insurance firms and investment funds, have been actively leasing Grade-A office spaces to large global tenants seeking scalable campuses and long-term operational stability.
This deal is indicative of a broader trend of multinational companies establishing global capability centers throughout India. Over recent years, firms in banking, financial services, technology, and engineering have expanded operations, leveraging India not only for back-office functions but also for product development, data analytics, and research.
The abundance of skilled talent, cost efficiencies, and a mature office ecosystem have made cities like Pune, Hyderabad, and Bengaluru preferred choices. As a result, developers and institutional landlords are increasingly designing large, scalable Grade-A campuses to meet the demands of these long-term occupiers, who typically engage in multi-year leases, thereby bolstering commercial real estate demand.
