US-based CA Technologies has renewed its lease for over 1.08 lakh sq ft office space spread across three floors in a commercial complex Eon Free Zone located in Pune’s eastern information technology corridor Kharadi for five years.
The software solutions provider for managing information technology infrastructure and services will be paying rentals of Rs 1.08 crore per month initially. In addition to this, the company will also be paying common area maintenance (CAM) charges of over Rs 14.73 lakhs, taking total payout to Rs 1.23 crore per month.
The lease renewal includes a clause to escalate both rentals and CAM charges by 5% every year. The company has renewed the lease for the office space through its India subsidiary, CA (India) Technologies.
The lease renewal commences from November and the lock-period is three years from the lease commencement date, showed the documents accessed through realty data analytics firm CRE Matrix.
As part of this agreement , the company will get exclusive access to a total 108 car parking slots and 200 two-wheeler parking slots in the tower.
Eon Free Zone is a special economic zone (SEZ) with a total development area of 4.3 million sq ft spread across four towers. The commercial complex counts global corporations including Allianz, Citibank, Credit Suisse, Seagate, Sears Holdings, and UPS as its key occupiers.
CA Technologies, originally known as Computer Associates International, Inc., was a multinational corporation that specialized in enterprise software solutions. It became part of Broadcom Inc. in 2018 when Broadcom acquired it for over $18.9 billion.
“We have been in the facility for a few years now,” Broadcom said in an email response. ET’s email query to the project developer Panchshil Realty remained unanswered until the time of going to press.
India’s office property market is experiencing a record-breaking wave of net absorption, underscoring the robust demand across the country led by global capability centres (GCCs) and flexible spaces amid sustained expansion by global and domestic corporates.
The continued interest from various sectors, including technology and manufacturing, positions the office market for sustained growth and development in the coming years.
As India remains at the forefront of global firms’ real estate plans and the domestic economy stays resilient, occupier activity is on an accelerated growth curve with an anticipated longer runway going forward as well.
