MUMBAI: WeWork India Management has secured a lease for over 204,000 sq ft of office space at Phoenix Millennium Tower 3 in Pune’s Wakad area through a long-term agreement.
The lease spans five floors—from the 13th to the 17th. The 13th, 14th, and 15th floors are leased for a decade, while the 16th and 17th floors are on a five-year term.
The monthly rent is set at ₹73 per sq ft, amounting to a total monthly expenditure of more than ₹1.49 crore. The agreement includes a 12% rental increase after the first three years, followed by a 13.5% rise every three years thereafter.
A security deposit of ₹4.47 crore is part of the deal, as per documents from Propstack. The 13th to 15th floors are expected to be ready for occupancy in November, with the 16th and 17th floors anticipated to be completed by August.
Additionally, WeWork India plans to sublease parts of the 13th, 14th, and 15th floors to three tenants starting from August 2026, with rents set at ₹255 per sq ft per month.
In response to an inquiry from RealtyDailyNews, WeWork India confirmed it had disclosed the deal to the stock exchanges.
WeWork India is expanding its operations in Hyderabad, Pune, and Bengaluru, adding around 7,700 desks across these cities. New centers in Hyderabad and Pune are projected to open by July and August 2026, respectively, while Bengaluru’s expansion is scheduled for completion by September 2026.
This transaction highlights the ongoing leasing activity in Pune’s office market, especially in emerging areas like Wakad, which are attracting flexible workspace providers and tech companies. WeWork India’s growth indicates a persistent demand for managed workspace solutions beyond traditional central business districts, driven by cost-effectiveness, the rise of remote working, and the growth of tech firms in tier-1 and tier-2 cities.
Phoenix Millennium Tower 3 is part of a wider commercial development in Wakad, which has rapidly become a significant office micro-market, bolstered by its connection to the Mumbai-Pune Expressway and proximity to the Hinjewadi IT hub.
This deal contributes to the expanding pipeline of flexible workspace leasing in Pune, where operators continue to grow their presence due to steady demand from startups, IT service firms, and enterprise clients seeking adaptable office solutions.
