Nuvama-Cushman Fund Buys Rs 2,550 cr Office Campus in Chennai

In the largest office transaction by a domestic fund, Nuvama & Cushman & Wakefield’s (NCW) Prime offices fund has acquired a 2.4 million sq ft office campus in Chennai from Singapore-based asset manager and operator Keppel for about Rs 2,550 crore.

The deal marks the second acquisition for Prime and a major milestone in its strategy to build a portfolio of future ready, high-quality, ESG-compliant office assets across India’s fastest-growing micro-markets.

Located in Chennai’s Porur area, One Paramount is a Grade-A technology park housing global tenants such as Genpact, Maersk, UPS, VMware, and Hitachi Energy. The property is part of a 12.6 acre development.

The acquisition highlights Prime’s focus on future-ready, sustainable assets in key micro-markets, strengthening its ability to deliver resilient returns.

The deal, among the largest in India’s office market, is also the biggest by a domestic fund in a space long dominated by global capital, underscoring the fund’s push to offer global-standard investments for Indian investors.

“This second acquisition under PRIME is a strong validation of our strategy and execution,” said Gaurav Puri, Chief Investment Officer, NCW. “With this, we’re reinforcing our commitment to building a portfolio that reflects the evolving priorities of global occupiers: sustainability, agility, and institutional-grade quality.”

“Chennai continues to attract deep occupier interest, especially from GCCs, and Porur stands out as a micro-market with long-term fundamentals. As we expand our footprint, our focus remains on high quality ‘offices-of-the-future’ that meet the expectations of our investors and set new benchmarks for commercial real estate in India,” he said.

ET was first to report on the deal earlier this month.

Keppel acquired One Paramount for about Rs 2,100 crore in mid-2024 from realty developer RMZ Corporation and Canadian pension fund CPP Investments.

The Nuvama-Cushman fund previously acquired the 300,000 sq ft Prius Platinum office building in Delhi’s Saket for about ₹750 crore, and another asset of equal size for ₹760 crore.

PRIME Offices, an equal joint venture between Nuvama and Cushman, targets premium office assets in Mumbai, Bengaluru, NCR, Pune, Chennai, and Hyderabad. The fund raised ₹1,700 crore in its first close in January 2025, which it is aiming to increase to as much as ₹3,000 crore, potentially deploying up to ₹6,000 crore with leverage. Its strategy focuses on rent-yielding, capital-appreciating office assets.

Chennai’s office market fundamentals remain robust. From less than 1 msf in the late 1990s, the stock has surged to 76 msf by mid-2024. Leasing hit a record 10.5 msf in 2023, while the first half of 2025 saw 5.5 msf absorption, a 57% YoY jump. Demand is spreading beyond OMR into Radial Road, Tambaram, Ambattur, and Madhavaram, aided by infrastructure upgrades. Sectoral demand is diversifying with IT, GCCs, BFSI, and life sciences with the latter clocking a 60% leasing rise in 2024.