Mumbai, Mar 03: Prime Offices Fund, a commercial real estate–focused fund managed by Nuvama and Cushman & Wakefield Management Private Limited (NCW), has announced the acquisition of TenSteps, a Grade A+ commercial office asset in Kharadi, Pune. This transaction marks PRIME’s entry into its third city and reinforces the Fund’s strategy of building a diversified, institutional-grade office portfolio across India’s key office markets.
TenSteps is a ~1.1 million sq. ft IGBC LEED Platinum pre-certified, office development, acquired through a joint venture structure, with PRIME holding a 51% stake and Keppel retaining the balance stake. Following the transaction, PRIME’s portfolio will scale to ~3.8 million sq. ft. across Delhi NCR, Chennai and Pune.
This acquisition builds on PRIME’s earlier transactions and underscores its consistent execution track record. The Fund’s calibrated expansion into Pune reflects its conviction in markets that offer depth of occupier demand, strong talent ecosystems, and long-term institutional relevance. Pune’s established position as a technology and Global Capability Centre (GCC) hub aligns well with PRIME’s focus on acquiring high quality assets in key office markets.
Gaurav Puri, Chief Investment Officer, NCW, said,
“This transaction reinforces the investment principles we set out with —disciplined capital deployment in prominent growth markets with a clear focus on asset quality. As we deploy the Fund corpus, our priority remains building a portfolio of Grade-A+ assets in key office markets that offer long-term visibility on demand and value creation for our investors. Pune fits squarely within this framework.”
TenSteps is a contemporary, institutional-grade office development, combining sustainability credentials with efficient design in a well-established office corridor. Its Platinum certification and design-led efficiencies support occupiers increasingly focused on operational performance, workplace quality, and long-term relevance, particularly among technology-led and global enterprises.
With this acquisition, PRIME continues to advance its portfolio build-out through a selective, asset-led approach, adding a high-quality office development in India’s key office corridors.