BGR B32 REIT announces Shopee lease renewal and expansion at B32, offsetting Banco Master’s vacancy

The rental value in the renewed lease was adjusted to a new level above the previously practiced rate.

SUBSCRIBER EXCLUSIVE

Pine Kyaw, Vice President and Head of LatAm at Shopee

By: SiiLA News

03/17/2026

This Monday (16), the real estate investment fund BGR B32 announced, through a material fact, two significant movements involving Shopee at the Birmann 32 (B32) building: the lease renewal for an additional five years, now expiring in 2031, with an increase in rental values, and the expansion of its footprint through the lease of a new area larger than the previously occupied space.

The renewed contract refers to an area of 6,174 sqm (GLA). The new lease includes an additional 9,824 sqm, also with a five-year term and maintaining the same price level per square meter. As a result, the company’s total occupied area in the building now reaches 15,998 sqm.

It is estimated that the previous rental value, adjusted by IPCA inflation, was approximately R$260/sqm. With the reported 21% increase, the new rental level would reach around R$314.60/sqm. Considering the original area, the monthly cost is now approximately R$1.94 million, while the new area represents about R$3.09 million. In total, the company’s monthly occupancy cost in the asset reaches approximately R$5.03 million.

B32 Building

Located on Avenida Brigadeiro Faria Lima, the property has approximately 49,000 sqm of total area. With the expansion, Shopee becomes the building’s largest tenant, now occupying 32.6% of the asset. Next is Facebook, with 13,496 sqm.

With 26 floors, 2,108 covered parking spaces, ceiling heights of 2.80 meters, and floor plates averaging 1,960 sqm, the Class A+ asset stands out as one of the most iconic buildings on Faria Lima, largely due to the whale sculpture featured on its façade.

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