The property is located in the Centro region, which according to Market Analytics, SiiLA data and analysis platform, currently has an inventory of 861,791 square meters of Class A+, A, and B office properties. The vacancy rate in the region is at 20.17%, which is below the city's average, which was at 22.06% at the end of the 4th quarter of 2022. 

Tokyo Group is an entertainment company that owns the Tokyo and Selva nightclubs. They will pay R$135,000 to Prefeitura de São Paulo, for the management of the site, which totals 2,570 m² of area. The main objective of the city government with the concession is to regain the prominence of the Martinelli Property in the tourist and urban scene of the capital. 

Thus, the notice provides that the managing company provides the public with visiting experiences, activities related to memory/urbanism, and gastronomy.

Opened in 1929, the development was the first skyscraper in the city, losing the title in 1944 to the Altino Arantes Property, popularly known as Torre Banespa. The property was renovated in 2018 and is now the home of Farol Santander. Martinelli was idealized by Italian immigrant Giuseppe Martinelli, who arrived in Brazil in 1946.

According to data from the SiiLA Market Analytics platform, the property has a total private area of 31,868 m², and among its tenants are the Companhia Metropolitana de Habitação de São Paulo (COHAB) (Secretariat of Development and Urbanism and theMetropolitan Housing Company of São Paulo - COHAB) and Secretaria de Desenvolvimento e Urbanismo. 

If you want more information and insights about the Brazilian commercial real estate market, please visit www.siila.com.br or contact us at contato@siila.com.br.