For Embassy REIT, the Cognizant transaction was the largest leasing deal announced in the quarter, with Chennai emerging as a key contributor to its overall leasing activity.

US-based Cognizant Technology Solutions has taken on pre-lease about 6.5 lakh sq ft of office space at Embassy Splendid TechZone in Chennai to set up a Global Capability Centre (GCC) for US Bancorp, the American multinational banking institution. This marks one of the largest such facilities to come up in recent times in the city.

In pre-lease, the agreement to rent the property is made before it is constructed.

Sources in real estate said the deal is significant for Chennai’s GCC ecosystem, which recently saw Wells Fargo shifting operations to other cities such as Bengaluru and Hyderabad.

According to multiple sources, Cognizant has taken on pre-lease the Block 1 at Embassy Splendid TechZone, located on the Pallavaram–Thoraipakkam Road, a prime IT corridor in the city. The space has been fully pre-leased, with delivery expected by June, as per an investor presentation by Embassy Office Parks REIT following its fourth-quarter results.

For Embassy REIT, the Cognizant transaction was the largest leasing deal announced in the quarter, with Chennai emerging as a key contributor to its overall leasing activity.

Amit Shetty, CEO of Embassy REIT, said FY2026 was an exceptional year for the company, with 6.4 million sq ft of leasing and double-digit growth across revenue, net operating income and distributions. He highlighted strong demand driven by GCCs, with Chennai playing a pivotal role.

Industry sources indicated that Cognizant will not only set up the GCC for US Bancorp but also manage operations. The centre is expected to follow a Build-Operate-Transform-Transfer (BOTT) model, reflecting evolving approaches in the GCC space.

In January 2025, Cognizant CEO S Ravi Kumar had noted growing traction for GCCs in India, with the company securing over ten such deals using varied models, including dedicated client facilities, in-house centres and build-operate-transfer structures.

The company has also strengthened its leadership in this segment, appointing Sailaja Josyula as Global Head of its GCC service line last year.

Peers such as Infosys and Wipro are also increasingly adopting flexible GCC models to serve global clients, underscoring the segment’s rapid evolution.

US Bancorp did not respond to queries seeking official comment.

Cognizant also did not respond for a reply on the deal.

Published on April 29, 2026