Prime Offices Fund (PRIME), a commercial real estate–focused fund managed by Nuvama and Cushman & Wakefield Management Private Limited (NCW), has acquired TenSteps, a Grade A+ office development in Kharadi, Pune. The transaction marks the fund’s entry into its third city and expands its multi-city office portfolio.

The approximately 1.1 million sq. ft development is IGBC LEED Platinum pre-certified. The asset has been acquired through a joint venture structure, with PRIME holding a 51 per cent stake and Keppel retaining the remaining share. Following the acquisition, PRIME’s portfolio will expand to about 3.8 million sq. ft across Delhi NCR, Chennai and Pune.

The fund stated that the expansion into Pune reflects its focus on markets with strong occupier demand, established talent ecosystems and long-term institutional relevance. Pune’s role as a technology and Global Capability Centre hub aligns with the fund’s strategy of acquiring high-quality office assets.

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.”