Prestige Group Pre-Leases 1.2 Mn Sq Ft Office Spaces in Bengaluru to HSBC

Realty firm Prestige Group has pre-leased 1.2 million sq ft of prime office spaces in Bengaluru to HSBC for 20 years, amid strong demand for workspaces from global and domestic firms.

In a statement on Wednesday, the company announced the "signing of a Letter of Intent (LOI) with HSBC for the development of its new fully integrated campus at Prestige JRC Signature Towers, located on Bengaluru's Outer Ring Road".

Under the proposed arrangement, HSBC will occupy two towers, comprising about 1.2 million sq ft of office space.

The transaction reflects the bank's long-term commitment to India.

Prestige Group ED and CEO Juggy Marwaha, said, "HSBC's decision to establish its campus at Prestige JRC Signature Towers reflects Bengaluru's growing strength as a global business hub and Prestige Group's capability to deliver world-class commercial real estate." Marwah said the two towers are under construction and will be completed by October next year.

The project remains subject to the completion of definitive agreements and regulatory approvals.

In a separate statement, HSBC said the new campus is intended to bring together colleagues currently based across multiple locations in Bengaluru, supporting greater collaboration and connectivity between teams.

HSBC Group CEO Georges Elhedery said, "India is one of the most important talent centres in the world and continues to be a key market for HSBC. Bringing our colleagues together on one campus will help us move faster, collaborate more closely, and continue developing expertise and talent to provide the best support for our customers." India is home to HSBC's largest Global Service & Technology Centres, with more than 40,000 colleagues supporting the bank's global businesses, customers and operations.

Bengaluru-based Prestige Estates Projects Ltd is one of the leading real estate developers in the country with presence across all major cities.

The group has delivered 313 projects spanning 206 million sq ft. It has a pipeline of 128 projects across 195 million sq ft.

The group develops housing, commercial (office complexes and shopping malls) and hospitality projects.