HSBC Inks Massive 1.2 Million Sq Ft Office Leasing Deal with Prestige Group in Bengaluru

BENGALORE — Global banking giant HSBC has signed a Letter of Intent (LOI) with real estate firm Prestige Group to pre-lease over 1.2 million square feet of prime office space in Bengaluru. The massive transaction stands as one of the largest commercial office leasing agreements in India this year. Furthermore, it marks the largest office space commitment by a multinational banking institution in the country.

Seamless Consolidation and Future Campus Scope

Under the new agreement, the London-headquartered banking major will lease Tower A and Tower B at the under-construction Prestige JRC Signature Towers. This commercial development forms a central part of Prestige Lakeshore Drive, one of the real estate group’s largest office parks. Industry sources indicate the long-term lease spans a tenure of over 20 years. Over the entire contract period, total rental payouts are projected to exceed ₹3,000 crore, featuring a 15% rental escalation every three years.

According to a corporate statement, the fully integrated campus aims to bring together HSBC employees currently scattered across multiple facilities in Bengaluru. Consequently, this structural consolidation will foster closer internal connectivity and modern, collaborative workflows.

Commenting on the location, HSBC Group Chief Executive Officer Georges Elhedery stated that India remains a primary global talent and service center for the bank. Moving teams onto a singular campus will allow the institution to develop local expertise faster. Currently, the finalization of the project depends on executing definitive agreements and receiving standard regulatory approvals.

Outer Ring Road Corridor and Sustainability Targets

The under-construction commercial campus is slated for completion by October 2027. The landmark site is located along Bengaluru’s Outer Ring Road (ORR), a premium commercial corridor experiencing sustained real estate demand from technology and financial corporations.

Several operational features distinguish this specific Grade A commercial development:

• Strategic Hub Density: The ORR micro-market continues to solidify its status as India’s premier hub for global capability centers (GCCs).
• Workplace Wellness: The campus features people-focused workplace layouts optimized for employee wellbeing.
• Green Building Standards: The structural design explicitly targets elite environmental benchmarks, aiming for both LEED Platinum and WELL Platinum certifications.

Confirming the transaction, Juggy Marwaha, CEO of Prestige Group – Office, noted that HSBC’s choice reflects Bengaluru’s growing dominance as a global corporate hub. He added that large-scale pre-commitments from multinational tenants continue to drive market momentum despite ongoing global economic fluctuations.

Also Read, Blackstone Leases 4.5 Lakh Sq. Ft. Office Space at Prestige Lakeshore Drive, Bellandur