BNP Paribas Leases 500,000 Sq Ft at One Radial in Chennai
ECONOMY & POLICY

BNP Paribas Leases 500,000 Sq Ft at One Radial in Chennai

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.

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.

Related Stories

Gold Stories

Next Story
Products

Smarten Power Systems H1 revenue rises 77 per cent to Rs 2.05 billion

Smarten Power Systems reported a 77.4 per cent year-on-year increase in consolidated revenue from operations to Rs 2.05 billion in H1 FY27, compared with Rs 1.15 billion in the corresponding period last year.Consolidated profit after tax (PAT) rose 103.8 per cent to Rs 119.9 million, against Rs 58.8 million in H1 FY26. Profit before tax (PBT) increased 111.9 per cent to Rs 158.3 million from Rs 74.7 million. Earnings per share stood at Rs 6.31, compared with Rs 3.09 a year earlier.On a standalone basis, revenue from operations grew 87 per cent to Rs 2.01 billion from Rs 1.08 billion in H1 FY26..

Next Story
Products

Godrej launches face recognition home locker and video door phone

Godrej Enterprises Group has launched two residential security products with facial recognition technology: the NX Pro Ncrypt Home Locker and the SEETHRU Third-i Multi Apartment Video Door Phone. The products extend facial authentication to individual homes and residential communities.The NX Pro Ncrypt Home Locker combines facial recognition with fingerprint authentication and digital PIN access. It uses encrypted facial templates secured through 128-bit AES encryption and infrared-enabled recognition. The locker can store up to 19 facial profiles, 49 fingerprints and 19 user codes.The SEETHRU..

Next Story
Equipment

“Road maintenance technologies will play a bigger role in India.”

Interview with Magesh Swaminathan, CEO, Infraserve GlobalInfraserve Global was recently launched as a separate brand. Could you tell us more about the company and its journey?InfraServe Global (ISG) is part of the Gainwell Group, which carries an 82-year legacy in the construction equipment sector through its Caterpillar dealership, TIL cranes and other product lines. ISG earlier operated as the Allied Business division out of our Pune facility and has now been carved out into a dedicated business entity — InfraServe Global.ISG has been officially launched at bauma CONEXPO India, marking a n..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code