BENGALURU: ICE MT India Pvt. Ltd, a subsidiary of US financial services firm Intercontinental Exchange Inc., has opened a 193,053 sq. ft global capability centre (GCC) at Pune’s Magarpatta Cybercity business park.
The company will pay a monthly rent of ₹1.73 crore, according to lease documents accessed by real estate data analytics firm Propstack. The agreement includes a 15% rent escalation every three years.
The US-headquartered firm, which provides digital technology, software and data services for the residential mortgage industry, has leased the space from Axis Max Life Insurance Ltd for a nine-year term.
“This transaction by ICE MT India reinforces the continued robust demand from global capability centres for large-format office spaces in Pune. The nine-year tenure and substantial deal value signal long-term confidence in the Magarpatta micro-market as a premier IT corridor,” said Raja Seetharaman, cofounder, Propstack.
Mint could not immediately reach ICE MT India for comment.
GCCs are increasingly reshaping India’s commercial office market, with leasing by such firms touching a record 31 million sq. ft in 2025, up from 28 million sq. ft a year earlier. IT-led cities including Bengaluru, Hyderabad, and Pune continue to drive demand, though activity is gradually expanding beyond major metros.
While Bengaluru leads GCC office leasing, followed by Hyderabad, Pune has accounted for 15–20% of national GCC activity over the past four years. The city has attracted multinational corporations due to quality-of-life advantages, talent availability and sectoral positioning, according to property advisory JLL India. Pune has emerged as a strong hub across banking, financial services and insurance (BFSI), automotive, IT/ITeS, manufacturing and engineering services.
While Bengaluru leads GCC office leasing, followed by Hyderabad, Pune has accounted for 15–20% of national GCC activity over the past four years. The city has attracted multinational corporations due to quality-of-life advantages, talent availability and sectoral positioning, according to property advisory JLL India. Pune has emerged as a strong hub across banking, financial services and insurance (BFSI), automotive, IT/ITeS, manufacturing and engineering services.
“India’s GCC landscape has evolved, moving beyond simple cost arbitrage to leverage each city’s unique strengths. With over 90% of current GCC activity concentrated in Tier I cities, these centres have commanded more than 263 million sq ft of Grade A office stock across the top seven cities, while driving 40% of all office leasing activity over the past decade," said Samantak Das, chief economist and head of research and REIS, India, JLL.
More than 200 new GCCs have entered India in the past two years, with projections indicating the total GCC footprint will surpass 350 million sq. ft within the next three to four years. Much of this expansion has been driven by US-headquartered firms, which accounted for 70% of GCC demand between 2018 and 2025.