Eaton Technologies Secures 1.5 Lakh Sq Ft in Pune’s Baner for New Global Capability Center
Eaton Technologies Secures 1.5 Lakh Sq Ft in Pune’s Baner for New Global Capability Center
In a significant move that further strengthens Pune’s position as a hub for Global Capability Centers (GCCs), Eaton Technologies has finalized a 10-year lease agreement for a sprawling 150,000 sq ft of premium office space in Baner, one of the city’s fastest-growing IT corridors. The Indian arm of the global power management giant Eaton Corporation is set to establish a new GCC at the Aditya Shagun Infinity IT Park through this high-value deal.
The lease, registered on August 3, 2025, is one of the largest commercial office transactions in Pune this year. It is expected to cost the company over ₹250 crore over the full term. The agreement, signed with Astrope Properties Pvt Ltd, includes a five-year lock-in period and a full-term fit-out lock-in, reinforcing Eaton’s long-term commitment to the region. The deal also comes with an additional leasing option of 47,000 sq ft within the same premises, allowing for potential future expansion.
The leased office spans three floors and offers extensive parking provisions—150 slots each for both four-wheelers and two-wheelers. The base monthly rent is set at ₹1.65 crore, translating to ₹110 per sq ft. The agreement also outlines an annual rent escalation of 4.5%, reflecting current market dynamics in the highly sought-after Baner area.
The lease officially starts on July 15, 2025, with phased rent commencement. Phase 1 rent begins 120 days from the lease start date, followed by Phase 2 on December 1, 2025, and Phase 3 on January 15, 2026. In addition to the base rent, Eaton will pay ₹14.75 per sq ft monthly for common area maintenance (CAM) charges. The fit-out rent has been pegged at ₹2,400 per sq ft per month of chargeable area. A security deposit of ₹9.9 crore has already been paid by the company at the time of registration.
This major office space commitment is part of a larger trend of multinational corporations scaling up their presence in India by setting up or expanding their GCCs. Pune, in particular, has emerged as a preferred destination thanks to its deep talent pool, cost-effective infrastructure, and well-developed office spaces. The city’s western corridor—encompassing Baner, Balewadi, and Hinjewadi—has been at the forefront of this growth, seeing a surge in pre-committed office leasing activity over the past 18 months.
According to data from Vestian Research, India now hosts over 1,700 of the world’s 3,200+ GCCs, with more than 53% of global GCCs choosing India as their base. This move by Eaton only adds to the growing list of global players establishing large-scale operations here.
The Indian commercial real estate market has had a record-setting year in FY2025, with net office space absorption reaching 65 million sq ft across key cities—a 14% jump from the previous year. This figure even outpaced the annual supply of 58 million sq ft, indicating strong ongoing demand. The momentum is projected to continue into 2026, driven by sustained interest from sectors like GCCs, BFSI, IT-BPM, and co-working operators.
