Itaú Leases Two São Paulo Towers from EZTEC in Record Deal
Itaú Unibanco has leased two entire São Paulo office towers from developer EZTEC for about US$228 million over ten years. The deal, Brazil's largest corporate lease, will house up to 10,000 workers as the bank brings staff back to the office. The post Itaú Leases Two São Paulo Towers from EZTEC in Record Deal appeared first on The Rio Times .
Brazil's largest office property market has now witnessed a record deal as Itaú Unibank has leased two entire towers in São Paulo from developer EZTEC for a decade. The Itaú EZTEC office lease saw the bank obtain full ownership of the Esther Towers project, which comprises 91,400 square metres of leasable space between the two AAA-class corporate buildings.
Each tower measures approximately 45,000 square metres. EZTEC reported a projected R$1.17 billion (about US$228 million) in rent over the ten-year lease, with an annual amount of about R$117 million (US$22.8 million). The rent is adjusted by Brazil's main consumer price index, IPCA. The deal was brokered by CBRE and Binswanger Brasil, who classified it as the largest corporate lease in Brazil's history.
The towers are located on Avenida Chucri Zaidan in the Chácara Santo Antônio area, an area known for its high-quality corporate space. Itaú Unibank currently has offices in the city, but the new lease aims to bring employees back to the office, with plans to reduce their presence from eight days a month to just three days a week by 2028.
The move comes as vacancy rates across São Paulo have hit a 17-year low, with empty space shrinking in several submarkets.
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