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Eaton Signs Rs 165 Million-a-Month Baner Office Lease

2025-08-13

Eaton Technologies, the Indian arm of global intelligent power management firm Eaton Corporation, has signed a 10-year lease for 150,000 sq ft of office space in an IT park in Pune’s Baner area, at a starting monthly rent of Rs 165 million.

The agreement, finalised on 3 August 2025, includes 150 four-wheeler and 150 two-wheeler parking slots. The rent, set at Rs 110 per sq ft, will increase annually by 4.5 per cent. Eaton will pay a security deposit of Rs 990 million to lessor Astrope Properties Pvt Ltd. The deal also has a five-year lock-in period and a full-term fit-out lock-in, with fit-out rent fixed at Rs 2,400 per sq ft per month and common area maintenance (CAM) charges at Rs 14.75 per sq ft.

The lease begins on 15 July 2025, with phased rent commencement — Phase 1: 120 days after lease start, Phase 2: 1 December 2025, and Phase 3: 15 January 2026. Eaton also holds an option to lease an additional 47,000 sq ft in Unit 801. The total rental outflow over the lease term is estimated at over Rs 2.5 billion.

Eaton plans to establish its Global Capability Centre (GCC) at the site. The deal ranks among Pune’s largest IT park leasing transactions in 2025, reflecting strong demand for Grade A office space in Baner’s micro-market.

According to Vestian Research, more than 53 per cent of Global Capability Centres operate from India, which hosts over 1,700 of the estimated 3,200 such centres worldwide.