Global banking company BNP Paribas has leased around 500,000 sq ft of office space across four floors at One Radial, a commercial complex owned by Mindspace Business Parks REIT in Chennai. The lease has been signed for a 10-year term, according to people familiar with the transaction.

Office rentals in the area are around Rs. 90 per sq ft per month. BNP Paribas could not be reached for comment, while Mindspace Business Parks REIT did not respond to queries about the transaction.

The lease comes as multinational companies continue to seek large office spaces in India for setting up or expanding global capability centres (GCCs). Mindspace REIT has a total leasable area of 6.3 mn sq ft in Chennai across Commerzone Porur, Commerzone Pallikaranai and One Radial, including 5.1 mn sq ft of completed space and 1.2 mn sq ft under construction.

During Q1 FY27, the company acquired Commerzone Pallikaranai and One Radial, two institutional-grade campuses with 2.6 mn sq ft each. The acquisitions complement the 1.2 mn sq ft Commerzone Porur campus and have placed Mindspace REIT among Chennai’s two largest office asset owners, according to public disclosures.

Chennai recorded 5.9 mn sq ft of office transactions during January-September 2026, the third-highest nine-month volume since 2018, Knight Frank India said. Vacancy stood at 8.1 per cent, while average rents increased 7 per cent year-on-year. GCCs accounted for 2.5 mn sq ft, or 43 per cent, of transactions during the period. Flex operators leased 1.6 mn sq ft, while Grade A properties represented 82 per cent of transactions. Average transacted rents reached Rs. 75.1 per sq ft per month in Q3 2026.