Itao pays R$1.5 billion to buy a building in Faria Lima

Itao pays R.5 billion to buy a building in Faria Lima

Itaú Unibanco has completed the purchase of a building located in downtown São Paulo, which is supposed to serve as the financial company's new headquarters. Faria Lima 3500 was purchased for approximately R$1.5 billion. Information posted by Brazil Magazine.

Some Internet portals specializing in real estate transactions indicate that this may be the largest negotiations related to a single building in the history of Brazil.

The Itau building has an area of more than 23 thousand square meters

However, Itaú BBA's headquarters were already operating at the site prior to the acquisition of the property. The building opened in 2012, and construction was carried out by the bank itself, through Tishman Speyer – but it was sold to Brookfield in 2014.

The total building area is 22,786 square meters – and the cost per square meter is R$ 64,000. According to the newspaper the worldItao uses different standards to measure area: therefore, the cost per square meter will be about R$ 57,000.

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Itao Faria Lima — Faria Lima 3500 | Photo: SPIncorporate/Reproduction

“Triple A” investing.

Also according to the aforementioned newspaper, the building is considered a “Triple A” category, a term that refers to the security level of a particular real estate asset. In 2022, in the same area of Faria Lima, one of the largest deals involving a “triple A”, similar to the purchase of the Itau headquarters, was the acquisition of 62% of the Infinity Tower – considered one of the landmarks of Faria Lima.

This building was acquired by a group of investors who already own a stake in the property, and the cost per square meter of the tower is approximately R$ 40,000. Important financial institutions such as Credit Suisse and Goldman Sachs operate in the building.

The financial center of the country

Popularly known as Faria LimaAvenida Brigadero Faria Lima is one of the most important roads in the city of São Paulo. The street is home to one of the major financial centers of São Paulo and Brazil, bringing together dozens of giants of the business world.