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Bad Deal? Caixa Leases Former Banco do Brasil Headquarters for BRL 150 Million Plus Renovations
- The transacted area totals 18,500 m², with a monthly rent of BRL 2.5 million to be paid by the state-owned bank
By: SiiLA News
11/13/2025 Caixa Econômica Federal signed, in September, a lease agreement for the Sede I building — the former headquarters of Banco do Brasil (BB) — valued at BRL 150 million. The contract, signed with construction company Paulo Octávio, the current owner of the property, has a five-year term and a monthly rent of BRL 2.5 million. The leased area totals 18,500 m², equivalent to BRL 135.11 per square meter.
As the asset is 63 years old, Caixa also estimates an additional BRL 20 million in expenses for building retrofitting and adaptation. The state-owned bank justifies both the expenditure and the move to a new headquarters by citing operational issues and overcrowding in its current administrative buildings. Occupation is expected to begin in February 2026, after the property undergoes renovations.
Paulo Octávio
The construction firm acquired the building in July 2024 for BRL 85 million but claims that its renovation investments will reach BRL 235 million, bringing total spending on the property to roughly BRL 320 million. Reports indicate that the building had been vacant for about ten years, creating the need for extensive renewal and infrastructure upgrades.
Regional Market Analysis
An analysis of Market Rent trends in the area over the past eight years shows that the rent paid by Caixa is significantly above the regional average.
Furthermore, when examining office lease transactions over the past five years, Caixa’s deal ranks as the second most expensive, behind only the 2020 lease of the Edifício MultiBrasil Corporate – Tower A by the Federal Police, at BRL 145 per square meter.
Points of Attention
The lease contract does not include the Banco do Brasil branch and mezzanine, which still belong to BB. The construction company stated that full occupancy will depend on future negotiations among all involved parties.
Another factor that may affect renovation and occupancy plans is a heritage preservation request filed in 2016 by the Council of Architecture and Urbanism (CAU) to IPHAN. The request remains under review, and construction work was previously halted to ensure the preservation of the building’s original features.
The Asset
Inaugurated in 1962, the Edifício Sede I is a Class A, 21-story building with significant artistic and historical value. Designed by architect Ary Garcia Roza, it features artworks by Athos Bulcão and Bruno Giorgi, as well as landscaping by Burle Marx.
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