Nuvama and Cushman & Wakefield's Prime Fund Expands into Pune with Grade A+ Office Asset

Prime Offices Fund, a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management (NCW), has acquired TenSteps, a Grade A+ commercial office asset in Kharadi, Pune. This transaction marks Prime’s entry into its third city in the country and is part of its strategy to build a diversified, institutional-grade office portfolio across India’s key office markets. Following the transaction, Prime’s portfolio will scale to 3.8 million sq. ft. across Delhi NCR, Chennai, and Pune, taking the portfolio gross asset value to Rs 4,000 crore.

TenSteps is a 1.1 million sq. ft IGBC LEED Platinum pre-certified office development, acquired through a joint venture structure, with PRIME holding a 51% stake and Keppel retaining the balance 49% stake. The Pune deal is reportedly valued at around Rs 1,000 crore.

The Fund’s calibrated expansion into Pune reflects its conviction in markets that offer depth of occupier demand, strong talent ecosystems, and long-term institutional relevance. Pune’s established position as a technology and Global Capability Centre (GCC) hub aligns well with Prime’s focus on acquiring high-quality assets in key office markets.

Gaurav Puri, Chief Investment Officer, NCW, said they are deploying capital in prominent growth markets with a clear focus on asset quality. They were investing in a portfolio of Grade-A+ assets in key office markets that offer long-term visibility on demand and value creation for their investors, and Pune fit squarely within this framework, Puri said.

According to Cushman & Wakefield, Pune emerged as the second-largest GCC market in 2025. Pune climbed two places from 2024, overtaking Hyderabad and Chennai, to secure the second spot among India’s top eight cities. The GCC gross leasing volume for Pune doubled to 5.43 million square feet in 2025 from 2.71 million square feet in 2004. The engineering and manufacturing sectors accounted for 41% of the demand, followed by BFSI at 29%, IT-BPM at 18%.

Moinuddin Patel, Managing Director- Pune, Cushman & Wakefield, said, “Pune’s rise as the second-largest GCC market for 2025 reflects its growing strategic importance within India’s office landscape. The city offers a strong combination of modern office infrastructure, a well-established IT–ITES base, and a mature engineering and manufacturing ecosystem complemented by a deep talent pool, cost advantages, and improving connectivity. The Grade A office supply in the city expanded significantly in 2025, providing the capacity required to support this next phase of GCC growth,” Patel said.

Nuvama and Cushman & Wakefield Management (NCW) is a 50:50 joint venture between Nuvama Asset Management, the alternatives-focused arm of Nuvama Wealth Management Ltd, and global real estate services firm Cushman & Wakefield. NCW’s flagship fund, the Prime Offices Fund (PRIME), marked its first close in 2025. The fund targets investments in prime commercial office assets across key high-growth micro-markets in India.