Mumbai: Prime Offices Fund (PRIME), 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 located in Kharadi, Pune.
The acquisition of TenSteps 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 leading office markets.
Strengthening PRIME’s Expanding Portfolio
TenSteps is an approximately 1.1 million sq. ft IGBC LEED Platinum pre-certified office development. The asset has been acquired through a joint venture structure, with PRIME holding a 51% stake while Keppel retains the balance stake.
With the addition of TenSteps, PRIME’s total portfolio scales to approximately 3.8 million sq. ft. across Delhi NCR, Chennai, and Pune. The acquisition underlines the Fund’s continued expansion into strategic commercial real estate markets.
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Strategic Entry into Pune with TenSteps
The acquisition of TenSteps builds on PRIME’s earlier transactions and reflects its consistent execution track record.
The Fund’s calibrated expansion into Pune highlights its conviction in markets offering 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 with PRIME’s focus on acquiring high-quality assets such as TenSteps in key office markets.
The city’s mature office ecosystem and sustained occupier interest further support PRIME’s long-term portfolio strategy.
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.”
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The acquisition of TenSteps reflects these principles, adding a high-quality, sustainable office development to PRIME’s expanding portfolio.
Institutional-Grade Asset with Sustainability Focus
TenSteps is positioned as a contemporary, institutional-grade office development that combines 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 the addition of TenSteps, PRIME continues to advance its portfolio build-out through a selective, asset-led approach, strengthening its presence across India’s key commercial office corridors.
