HSBC Signs Letter of Intent for 1.2 Million Sq Ft Office Lease in Bengaluru, India

en.Wedoany.com Reported - HSBC has signed a letter of intent to lease over 1.2 million square feet of office space in a large office park developed by the Prestige Group in Bengaluru. This deal is considered one of the largest commercial office lease agreements in India this year and represents the largest office space commitment made by a multinational banking institution in the country.

Under the agreement, HSBC will lease Towers A and B of the under-construction Prestige JRC Signature Towers project. This commercial development is part of Prestige Lakeshore Drive, one of the largest office parks of the Prestige Group. Industry sources revealed that the lease term exceeds 20 years, with total estimated rental expenditure exceeding INR 30 billion over the contract period, and a 15% rent increase every three years.

This campus aims to consolidate HSBC's employees currently scattered across multiple office locations in Bengaluru. HSBC Group CEO Georges Elhedery stated that India remains the bank's primary global hub for talent and services, and relocating teams to a single campus helps accelerate the development of local expertise. Finalization of the project is still subject to signing definitive agreements and obtaining regulatory approvals.

The under-construction commercial park is located on Bengaluru's Outer Ring Road (ORR), a prime commercial corridor, and is expected to be completed by October 2027. This Grade A commercial development features a human-centric workplace layout and plans to achieve dual LEED Platinum and WELL Platinum certifications, aiming to optimize employee well-being and meet top environmental benchmarks. Juggy Marwaha, CEO of Prestige Group's office business, confirmed the transaction and stated that large-scale pre-lease commitments from multinational tenants are driving market momentum.