Banco Master returns Auri Plaza, impacting Vila Olímpia rents

Master was the sole tenant of the building; rents are expected to rise following renovations completed by the bank

Daniel Vorcaro, President of Banco Master

By: SiiLA News

04/15/2026

The Auri Plaza Faria Lima was the focus of the real estate market this Wednesday (15), following the return of the property by Banco Master. The building had been leased since 2024 under a single-tenant model, with the company paying R$ 3.9 million per month to occupy the entire 14,446 sqm property.

The handover of the Class A+ building had already been expected after the bank’s liquidation, as confirmed by SiiLA’s intelligence team. Following the fit-out carried out by the bank itself, rental values are now expected to rise even further.

When the building was first occupied, the rent paid per square meter was R$ 220, which was R$ 82.85 higher than the average for Class A+ properties in Vila Olímpia, at R$ 137.15/sqm. Today, asking rents in the building have reached R$ 229.60, compared to R$ 144.48 for other assets of the same standard in the area.

According to SiiLA’s market intelligence analysis, the departure of the financial institution could increase vacancy in high-end assets (Class A+ and A) in the Vila Olímpia region by 7.2 percentage points, if the property is not re-leased.

By: SiiLA

Our team contacted Auri Nova to better understand its repositioning strategies for the asset following the 100% vacancy, but had not received a response by the time of publication.

Case recap

The Central Bank announced the extrajudicial liquidation of Banco Master in November 2025, when its president, Daniel Vorcaro, was placed under preventive detention during investigations into fraud and concealment of company resources. Vorcaro was released a few days later, but had his arrest reinstated on March 4 by Supreme Federal Court (STF) Justice André Mendonça, at the request of the Federal Police as part of Operation Compliance Zero. The STF’s Second Panel upheld the single-justice ruling.

The bank’s liquidation triggered a series of movements in the financial market, as well as impacts on the properties occupied by the group. One example is the lease at Birmann 32, on Faria Lima, by Blue Bank, which was also vacated in the first quarter of 2026.

The group still has other offices in Class A+ buildings in São Paulo, Rio de Janeiro, and Porto Alegre with no scheduled handover. Although the market has historically shown positive absorption of vacancies in assets of this standard, it is still too early to assess the long-term impact of these returns.

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