UBS picks up entire commercial tower in Pune's Yerwada in ₹263-crore rental deal

UBS India has secured an entire commercial building in Pune's Yerwada. The lease agreement with Smartworks Coworking Spaces is valued at over Rs 263 crore. This deal covers a 165,290 sq ft managed office facility. It highlights a growing trend of large companie opting for flexible workspaces.

Global financial services firm UBS Group AG's India subsidiary has picked up an entire commercial tower in Pune's Yerwada micro market through a long-term lease agreement with Smartworks Coworking Spaces with a total rental
outgo of over Rs 263 crore.
The managed office facility, located at Tech Park One on Airport Road, spans about 165,290 sq ft and is designed to house around 1,520 seats. The lease covers the ground floor to the seventh floor of the building and commenced on January 15.

Under the enterprise office services agreement, the Zurich-headquartered group's subsidiary UBS Business Solutions India has taken the space at a starting rental of about Rs 240 per sq ft per month, with a 5% annual escalation over a five-year tenure, showed the property registration documents reviewed by ET.