ICE Mortgage Tech Leases 2 Lakh Sq Ft in Pune for New Global Capability Centre

Intercontinental Exchange (ICE), a prominent American multinational financial services company, has made a significant move by leasing nearly 2 lakh sq ft of office space in Pune's Magarpatta Cybercity. The space, spread over nine floors in Tower S3, will be used to set up a global capability centre (GCC) for its subsidiary, ICE Mortgage Technology India.

The agreement, which was finalized with Axis Max Life Insurance, involves a total chargeable area of approximately 193,053 sq ft, covering the lower ground floor, upper ground floor, and floors one to seven of the building. The rental rate has been set at Rs 90 per sq ft per month, amounting to a monthly payout of about Rs 1.73 crore. The lease includes a clause for rental escalation by 15% every three years.

At the time of registration in January, ICE Mortgage Technology paid a security deposit of around Rs 10.42 crore. This substantial investment underscores the company's commitment to expanding its operations in India and leveraging the city's robust talent pool and favorable business environment.

Pune has emerged as a major destination for global capability centres, following in the footsteps of Bengaluru and Hyderabad. The city's deep engineering talent base, lower operating costs, and established office micro-markets such as Magarpatta, Hinjewadi, and Kharadi make it an attractive location for multinational firms. These companies, particularly those in financial services and technology, are increasingly setting up GCCs in India to support product engineering, technology operations, and back-end processing functions.

Intercontinental Exchange, known for its digital infrastructure and technology platforms for global mortgage and financial markets, plans to use the new centre to enhance its product development, data analytics, and research capabilities. The company's decision to establish a GCC in Pune aligns with the broader trend of multinational corporations expanding their operations in India to tap into the country's skilled workforce and cost efficiencies.

Pune has witnessed sustained leasing activity from multinational occupiers over the past few years. Institutional owners, including insurance companies and investment funds, have been actively leasing Grade-A office buildings to large global tenants seeking scalable campuses and long-term operational stability. The availability of skilled talent, cost efficiencies, and a mature office ecosystem have made cities like Pune, Hyderabad, and Bengaluru preferred hubs for setting up GCCs.

Developers and institutional landlords are increasingly designing large, scalable Grade-A campuses to cater to these long-term occupiers, who typically sign multi-year leases and anchor commercial real estate demand. The deal between ICE Mortgage Technology and Axis Max Life Insurance reflects this broader surge in multinational companies establishing GCCs across India, further cementing the country's position as a global hub for advanced business operations and technology development.

Despite the growing interest in Pune, the company's queries to ICE Mortgage Technology and Axis Max Life Insurance remained unanswered, as of the last update. However, the transaction itself speaks volumes about the city's potential and the strategic importance of setting up GCCs in India for global companies.