ICE MT India and JPMorgan Drive Record GCC Office Leases in Pune and Mumbai

Pune’s Magarpatta Cyber City has observed a major boost in its commercial real estate market with US-based mortgage technology firm ICE MT India Private Limited securing a large office lease to establish its Global Capability Centre (GCC). According to property registration documents accessed by Propstack, the company has leased 1.93 lakh sq ft of office space from Axis Max Life Insurance Limited for a total rent of ₹217 crore.

The lease covers nine years and includes a carpet area of 1.54 lakh sq ft across Tower S3, spanning the underground floor, lower ground floor, and seven upper floors. The floor plates are sizable, exceeding 29,000 sq ft per floor, with the seventh floor slightly smaller at 15,000 sq ft. Along with the office space, the company has secured 715 parking slots, including 238 for cars and 477 for two-wheelers.

The monthly rent for the property is ₹1.73 crore, with a 15% escalation scheduled every three years. ICE MT India has also deposited ₹10.42 crore as a security guarantee. The transaction was registered on December 29, 2025, attracting a stamp duty of ₹4.42 crore.

“This transaction by ICE MT India reinforces the continued robust demand from Global Capability Centres for large-format office spaces in Pune. The nine-year tenure and substantial deal value signal long-term confidence in the Magarpatta micro-market as a premier IT corridor,” said Raja Seetharaman, cofounder of Propstack.

Pune has emerged as a favoured destination for multinational corporations looking to establish GCCs. Over the past four years, the city has attracted 15-20% of India’s total GCC activity. Its appeal comes from a combination of high-quality-of-life metrics, availability of skilled talent, and strong positioning in key sectors like BFSI, IT/ITeS, automotive, manufacturing, and engineering services, according to a recent JLL report.

India’s GCC market has grown rapidly, with leasing activity reaching a record 31 million sq ft in 2025. These centers are specialized facilities, often set up by global companies to manage critical functions such as research and development, IT, engineering, and support services.

Meanwhile, Mumbai also recorded one of the largest commercial leasing transactions in the country. JPMorgan Services India Private Limited signed a built-to-suit lease for over 13 lakh sq ft in Powai, Mumbai. The property, developed by Brookfield Properties, will house the American investment bank’s largest GCC in Asia. The lease is set for 20 years, with JPMorgan Chase as the sole occupier.

Brookfield Properties had earlier confirmed that the Powai GCC will be a purpose-built facility catering to JPMorgan’s global operations. This marks a significant investment in India’s GCC ecosystem, reflecting confidence in the country’s ability to support complex, large-scale corporate functions.

The variation between the Pune and Mumbai deals highlights a broader trend in India’s commercial real estate market. While Mumbai continues to attract massive built-to-suit projects for global banking and finance firms, Pune is emerging as a hub for technology-driven GCCs, with its competitive advantages in talent, infrastructure, and livability driving demand.

Analysts predict that large-format office leasing for GCCs will continue to grow, as multinational companies expand their overseas and local operations in India. These centers not only operate as technology and support hubs but also play a strategic role in global operations, making cities like Pune and Mumbai critical nodes in the corporate landscape.

The ICE MT India lease adds to a series of high-value transactions in Pune’s commercial office market, demonstrating sustained investor confidence in the city. With robust infrastructure, strong connectivity, and a growing talent pool, Pune is expected to continue drawing multinational corporations seeking operational efficiency and long-term growth.

As India’s GCC market matures, more global players are likely to follow the path of ICE MT India and JPMorgan, securing large-format offices that combine operational scale with strategic location advantages. For cities like Pune, this represents not just a growth in real estate but a strengthening of its position as a premier destination for corporate innovation and global business services.