315Work Avenue signs one of the largest coworking deals in 2023
JLL facilitates the lease of 1.62 lakh sq ft in Pune to Bank of New York Mellon, a Fortune 500 company headquartered in New York City
Mumbai, October 26, 2023: In a testament to the continued demand for coworking spaces, 315Work Avenue, a new age coworking space provider has signed one of the largest deals in 2023 with BNY Mellon (Bank of New York Mellon Corporation), a Fortune 500 company and an American investment banking services holding company headquartered in New York City. The workspace covers 1,62 lakh sq ft located at Raheja Woods, Kalyani Nagar, a prime commercial hub in Pune. This Grade-A office space boasts a spacious and thoughtfully designed workspace with contemporary, cutting-edge infrastructure and modern amenities.
BNY Mellon is America’s oldest bank and the first company listed on the New York Stock Exchange. Today, BNY Mellon powers capital markets around the world through comprehensive solutions that help clients manage and service their financial assets throughout the investment life cycle. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and was formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007
315Work Avenue now has five centres spread across 0.5 mn sq ft in Pune with leading developers like Ascendas, Panchshil and Raheja, totalling around 10000 seats and aims to double its presence in the city in the next 12 months. The expansion comes at a time when companies see merit in setting up offices across multiple locations to enable a distributed workspace model. Overall, 315Work Avenue currently manages 2 mn sq ft space totalling around 40,000 seats across multiple prime locations in Bengaluru, Chennai, Mumbai and Pune.
Commenting on the development, Mr. Manas Mehrotra, Founder, 315Work Avenue said, “This deal marks another milestone in the company’s expansion plans, solidifying its presence in key business hubs. The demand for co-workspaces is constantly increasing not only because such spaces perfectly fit the new normal, but they also help companies save costs, boost productivity and enhance work experience of employees. Shared spaces are drawing the attention of big and small enterprises alike as they are increasingly attracted by the fusion of creativity and technology. The coworking sector’s impact is poised to amplify in the future, driven by the fundamental transformation work dynamics have undergone which is unlikely to revert. In all, the overall climate of positivity is creating new business opportunities in the sector and we will continue to see a boisterous market for coworking.”
Commenting on the association, Mr. Sanjay Bajaj, Senior Managing Director – Pune and Executive Oversight – Logistics & Industrial India, JLL said, “This transaction reflects the increasing importance and popularity of managed office solutions in today's hybrid working environment, particularly for large enterprise occupiers across sectors. Pune has reached a high level of market maturity for managed office space, with over 56,000 seats transacted in the last 30 months, accounting for a 19.9% market share and an additional 12,000+ of seats in the pipeline for future build-out. The decision to choose the 315 solution was driven by important factors such as the operator's proactiveness, customized solution, strategic location presence, and exclusivity. These key decision drivers align well with the offerings of the 315 solution.
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About 315Work Avenue
315Work Avenue (A Nestavera Venture) is a new age and rapidly growing coworking space that is a one stop solution for your “complete work space experience”. The coworking space is ISO certified with international standards of hospitality, health, and safety benefits. 315Work Avenue was recently awarded the ‘Best Emerging Coworking Enterprise Office Brand”. The company was also recognized as the “Best coworking Brand National- 2023" by Realty+. It also received certification from British Safety Council for following policies, procedures & arrangements relating to control of Covid – 19 within workplace. The company hosts multi-faceted events for employees which go beyond networking and encourages innovation, community building and offers benefits of several brand tie-ups. It also provides a platform for its clientele to meet mentors, funders and write a success story. With a range of amenities, 315Work Avenue wishes to be the “one-stop work haven where your goals come to life.”