L&T Mindtree Limited, an IT services firm, has leased around 6 lakh sq ft of office space in parent Larsen & Toubro’s IT park in Chennai at a monthly rent of ₹4.09 crore for a five-year term, according to documents accessed by Propstack.
L&T Mindtree Limited is a global technology consulting and digital solutions firm, a subsidiary of the engineering conglomerate Larsen & Toubro (L&T). The company was formed by the 2022 merger of LTI and Mindtree.
The company has taken office space across 12 floors in Tower 2 of the L&T Innovation Campus, located on Mount Poonamallee Road in Chennai. The landlord for the property is Larsen & Toubro Limited, the documents showed.
The premises will be used for IT and ITeS operations. L&T Innovation Campus is a mixed-use development sprawling over 40 acres.
The lease rental is ₹68 per sq ft, and the agreement was signed on June 15, 2024. L&T Mindtree has also paid a security deposit of ₹24.57 crore. The lease agreement includes a 12% rent escalation every three years, the documents showed.
Rent commencement for Phase 1, covering the ground to sixth floors, began on August 4, 2025. For Phase 2, covering the 7th to 9th floors, the commencement date was February 4, 2026, while Phase 3, comprising the 10th to 12th floors, will begin on August 4, 2026.
The lease also includes parking facilities comprising three levels for two-wheelers with 1,502 parking slots and 751 parking spaces for four-wheelers, the documents showed.
“LTM Limited is cementing its massive footprint with this fresh 5-year lease for 602,101 sq ft at L&T Innovation Campus. Adding this to their 5.85 lakh sq ft deal from 2024 creates a massive capacity pipeline for the company. The structured 12% escalation and phased rent commencement through 2026 show a long-term commitment to structured, sustainable growth,” said Raja Seetharaman, co-founder, Propstack.
An email has been sent to Larsen & Toubro. The story will be updated if a response is received.
Other similar transactions
Earlier this year, L&T Realty Developers Limited acquired land in Mumbai’s Elphinstone Road area for ₹448.6 crore to develop a commercial office project, according to property registration documents accessed by Propstack.
Large office space transactions have dominated the commercial real estate sector in Q1 2026, accounting for nearly 65% of total office leasing activity across the country’s top eight cities, with leases for spaces measuring 1 lakh sq ft and above touching 19.5 million sq ft, according to a report by Knight Frank India.
Bengaluru emerged as the top market for large office transactions during the quarter, recording 7 million sq ft of leasing activity in spaces above 100,000 sq ft. Large office deals accounted for 77% of the city’s total office leasing volume of 9.2 million sq ft in Q1 2026.
Hyderabad ranked second with 4.4 million sq ft of large office transactions, marking a sharp 69% year-on-year rise from 2.6 million sq ft in Q1 2025. Mumbai followed with 2.9 million sq ft, reflecting an 81% increase over the previous year.
The National Capital Region recorded 4 million sq ft of transactions, while Pune recorded 3.1 million sq ft. Chennai registered 1.5 million sq ft of office leasing activity during the quarter. Meanwhile, Kolkata and Ahmedabad recorded 0.4 million sq ft and 0.3 million sq ft of transactions, respectively, the report added.
