WeWork Secures 2 Lakh Sq Ft Office Space in Pune’s Wakad for Over ₹161 Crore
WeWork has leased 2 lakh sq ft of commercial office space in Pune’s Wakad area for a total rent of over ₹161 crore, according to property registration documents accessed by Propstack. This significant move underscores the growing demand for commercial real estate in Pune, particularly in the Wakad area.
The documents show that the space has been taken in the Phoenix Millennium Tower-3 building, with the lease commencing on January 1, 2026. The space spans the 13th to 17th floors, with the 13th, 14th, and 15th floors leased for 10 years, while the 16th and 17th floors are on a 5-year lease.
The space has been leased from Alyssum Developers Pvt Ltd. The carpet area of the office space is 1.43 lakh sq ft, and the chargeable area is 2.04 lakh sq ft, the documents showed. According to Propstack, the monthly rent is ₹1.49 crore, with a 12% escalation after the first three years, followed by a 13.5% increase every subsequent three years.
WeWork has subleased the units on the 13th, 14th, and 15th floors to Arctera, TIBCO, and CSGIND, with the lease starting August 26. The rental rate for these units is ₹255 per sq. ft. per month, according to Propstack. An email query has been sent to Alyssum Developers Pvt Ltd. The story will be updated if a response is received. WeWork could not be reached for a comment.
This lease is part of a series of significant transactions in the Pune real estate market. In March 2026, Welspun Enterprises Ltd leased 4.5 lakh sq ft of commercial office space in Radius IT Park in Pune's Hinjewadi for over ₹82 crore, according to property registration documents accessed by Propstack. The space was leased for 5 years, commencing on April 1, 2026, and expiring on March 31, 2031. The documents show that the space was leased from Indo Global Soft Solutions and Technologies Pvt Ltd.
Recently, Maersk Global Service Centres (India) Pvt Ltd leased 1.93 lakh sq ft of office space in Pune for 10 years at a monthly rent of ₹1.45 crore, according to documents accessed by Propstack. BMW also expanded its Pune footprint by leasing an additional 1.35 lakh sq ft logistics facility from ESR Pune Industrial Park Private Limited at a monthly rent of ₹53.19 lakh for a tenure of 7 years and 5 months, documents accessed by Propstack showed.
In November 2025, Nice Interactive Solutions India Private Limited leased around 1.63 lakh sq ft of office space in Pune’s Hinjewadi area for a total rent of over ₹44 crore, according to property registration documents accessed by Propstack. US-based Mortgage Technology's Indian subsidiary, ICE MT India Private Limited, leased 1.93 lakh sq ft of office space in Pune's Magarpatta Cyber City to set up its Global Capability Centre (GCC) for a total rent of ₹217 crore, according to property registration documents accessed by Propstack.
The space was leased from Axis Max Life Insurance Limited for nine years, according to the documents. The company took space measuring 1.54 lakh sq ft of carpet area and 1.93 lakh sq ft of chargeable area in Tower S3, Magarpatta Cybercity. These transactions highlight the robust growth and investment in Pune's commercial real estate sector.
