Aqwa Corporate sale highlights high cap rates in Rio office market

After months of negotiations, Aqwa Corporate is sold for millions in a transaction with a high cap rate.

SUBSCRIBER EXCLUSIVE

Hilton Rejman, President of Brookfield Properties Brazil

By: SiiLA News

01/28/2026

After months of negotiations, Brookfield and Tishman Speyer have finally reached an agreement and completed the sale of Aqwa Corporate, in Rio de Janeiro. The information was jointly reported by the editorial teams of REsource and SiiLA’s market intelligence unit.

Since 2025, the asset had been the subject of market speculation regarding a potential sale. Now, months later, Hilton Rejman’s company has signed a contract with the U.S.-based firm led by Rob Speyer, acquiring a 78% stake in the property. The remaining 22% is owned by Caixa Econômica Federal.

Tishman Speyer and Brookfield declined to comment on the details of the transaction, but both confirmed that the deal took place, without disclosing nominal values.

Exclusive analysis

The transaction is estimated at approximately BRL 385 million, covering roughly 55,000 square meters. The transacted area includes not only office space but also the property’s retail component.

When considering office space only, the deal is estimated at BRL 372 million, for a total of 53,200 square meters.

According to an exclusive analysis conducted by SiiLA’s market intelligence team, the transaction registered a cap rate of 9.94%, one of the highest levels recorded in Rio de Janeiro’s office market in recent years. In the acquisition, Brookfield paid approximately BRL 6,993 per square meter.

In addition, the sale of Aqwa Corporate took place well below its replacement cost. Based on current parameters for high-end corporate construction, an asset of this size and specification would today carry an estimated development cost of around BRL 20,000 per square meter.

Aqwa Corporate

The Class A+ asset is located in the Porto region of Rio de Janeiro. Delivered in 2017, the building is considered iconic for its views of the port area, the Santa Bárbara and Pombeba islands, and the Rio–Niterói Bridge.

Currently, Aqwa Corporate reports an occupancy rate of 73%. Tenants include Caixa Econômica Federal, Icatu Seguros, Enel, among others.

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