MUMBAI: Global banking major HSBC has entered into an agreement to pre-lease over 1.2 million sq ft of office space at Prestige Group's under-construction commercial tower on Bengaluru's Outer Ring Road, marking one of the largest office leasing transactions in India's commercial real estate market this year.The lease, with a tenure of over 20 years, will see the London-headquartered multinational banking group pay more than Rs 3,000 crore in rentals over the contract period, including 15% rental escalations every three years, said persons familiar with the development.The transaction is also the largest office space commitment by a multinational banking and financial services company in India.As per the arrangement, the global lender will occupy Tower A and Tower B of upcoming Prestige JRC Signature Towers, which forms part of Prestige Lakeshore Drive, one of the company’s largest office park developments in Bengaluru. The transaction is subject to the execution of definitive agreements and regulatory approvals.“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,” said Juggy Marwaha, E. D & CEO, Prestige Group – Office, while confirming the deal. He, however, declined to comment on the financials involved.The under-construction project is expected to be completed by October 2027.The deal underscores the continued appetite of global financial institutions for large, integrated office campuses in Bengaluru, reinforcing the city's position as India's leading hub for global capability centres (GCCs), technology firms and multinational corporations.The standalone Grade A commercial campus with integrated infrastructure, targeting occupiers seeking large-format office space in a single location, is located along the Outer Ring Road, one of Bengaluru's largest office corridors, which has witnessed sustained demand from technology, banking and financial services companies.The transaction further strengthens Prestige Group's commercial office portfolio, which houses several global technology companies, financial institutions and multinational corporations across major Indian cities.Large pre-commitments and leasing by multinational occupiers have continued to support office market momentum in India despite global economic uncertainties, with demand increasingly shifting towards high-quality, transit-oriented developments offering integrated workplace environments and sustainability credentials.Recently, global professional services and management consultancy firm Accenture picked up more than 1 million sq ft of office space in Hyderabad through a long-term lease of over 10 years with a minimum rental commitment of about Rs 900 crore.