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 runs for 10 years, according to people familiar with the transaction, while office rentals in the area are around Rs. 90 per sq ft per month. The transaction comes as multinational companies seek large offices for global capability centres (GCCs) in India. BNP Paribas was unavailable for comment, and Mindspace Business Parks REIT did not respond to queries. The leased space is part of Mindspace REIT’s expanding Chennai portfolio. Mindspace REIT has 6.3 mn sq ft of total leasable area in Chennai across Commerzone Porur, Commerzone Pallikaranai and One Radial. The portfolio includes 5.1 mn sq ft of completed space and 1.2 mn sq ft under construction. In Q1 FY27, the trust acquired Commerzone Pallikaranai and One Radial, each measuring 2.6 mn sq ft, complementing the 1.2 mn sq ft Porur campus. Mindspace REIT has described Chennai as strategically important because of GCC-led demand, low vacancy and supply constraints across key office corridors. It has also said rentals in the city are nearly 20 per cent lower than Bengaluru, offering a strong cost-to-quality proposition. The acquisitions have placed the trust among Chennai’s two largest office asset owners. Chennai recorded 5.9 mn sq ft of office transactions in January-September 2026, the third-highest nine-month volume since 2018, Knight Frank India said. The comparable period in 2025 recorded 7.9 mn sq ft, the highest nine-month volume since 2018. Vacancy was 8.1 per cent in Q3 2026, and average rents rose 7 per cent year on year. Leasing increased from 1.5 mn sq ft in Q1 2026 to 2.1 mn sq ft in Q2 and 2.2 mn sq ft in Q3, while new completions reached 2.9 mn sq ft. GCCs leased 2.5 mn sq ft, accounting for 43 per cent of transactions; India-facing businesses leased 1.3 mn sq ft and flexible workspace operators 1.6 mn sq ft. Average transacted rents reached Rs. 75.1 per sq ft per month in Q3.