NCW Prime Offices Fund (PRIME), a joint venture between Nuvama Asset Management Limited and Cushman & Wakefield, has acquired a 2.4 million sq. ft. office campus in Chennai for ₹2,550 crore. The property, One Paramount, was purchased through a 100% buyout from Keppel’s real estate division and marks PRIME’s second major acquisition. The deal is among the largest executed by a domestic fund in India’s commercial real estate sector, which has traditionally been dominated by global private equity and sovereign wealth investors.
One Paramount is a LEED Platinum-certified development located in Porur, one of Chennai’s key business corridors. The campus is leased to a diverse set of tenants, including Global Capability Centres (GCCs) and major domestic technology firms, offering institutional-grade infrastructure, a campus-style layout, and strong connectivity to residential and commercial hubs. The location has emerged as a preferred micro-market for global occupiers due to its proximity to the IT corridor, industrial clusters, and growing social infrastructure.
The acquisition reflects PRIME’s strategic focus on future-ready, performance-driven office assets that align with evolving occupier priorities such as sustainability, workplace flexibility, and resilience. By acquiring One Paramount, the fund strengthens its ability to deliver long-term, stable returns to investors while expanding a portfolio of high-quality offices. NCW noted that the transaction underlines the growing domestic institutional participation in India’s office sector and signals confidence in Chennai’s market fundamentals.
India’s office real estate sector has maintained steady leasing activity through 2025, with GCCs driving a significant share of demand. Colliers recently reported that GCC-led office space absorption crossed 50 million sq. ft. in the first nine months of 2025, registering an 8% year-on-year growth. Within this context, PRIME’s acquisition demonstrates confidence in the long-term demand for campus-style, sustainable office developments in Chennai.
The transaction also highlights an increasing trend of domestic funds executing large-scale office deals, a space previously dominated by global capital pools. With strong tenant profiles, sustainability credentials, and strategic locations, assets like One Paramount are expected to generate resilient returns and support portfolio diversification.
Commenting on the acquisition, Gaurav Puri, Chief Investment Officer at NCW, said the deal validates PRIME’s strategy and reinforces its commitment to building a portfolio that meets global occupier expectations. He noted that Chennai continues to attract deep interest from GCCs, and Porur stands out as a micro-market with strong long-term fundamentals. Puri added that the fund’s focus remains on delivering institutional-grade offices with sustainability and flexibility, catering both to investors and corporate tenants.
The acquisition of One Paramount positions PRIME as a key domestic player in India’s office real estate market. With increasing occupier demand, strong leasing fundamentals, and a growing preference for sustainable, large-format campuses, the transaction is expected to strengthen the fund’s long-term portfolio performance. As India’s office market expands, institutional-grade acquisitions such as this are likely to rise, reflecting confidence in the country’s position as a global hub for GCCs and corporate operations.
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