Faria Lima icon B32 charges below market and misses revenue

The first involved Jefferies Group. In September 2023, the company leased 480.93 square meters at R$ 290 per square meter, 2.8% below the benchmark of R$ 298.40 per square meter.

In March 2024, Banco Master leased 7,919.66 square meters at R$ 293 per square meter. The discount was only 0.7% compared with the Market Rent of R$ 295 per square meter. Three months later, Cosan leased 1,506.64 square meters at R$ 295 per square meter, 1.1% below the benchmark.

Jefferies expanded its occupancy again in May 2025, this time leasing 567.14 square meters at R$ 302.32 per square meter. At the time, B32’s Market Rent stood at R$ 312.45 per square meter, representing a difference of 3.2%.

The largest transaction, and also the largest discount, came in March 2026. Shopee renewed three floors and leased another five floors, as well as part of the 20th floor. The agreement involved 15,998 square meters at R$ 314.60 per square meter, totaling just over R$ 5 million in monthly rent.

On the date of the transaction, B32’s Market Rent was R$ 333.18 per square meter. The contract was signed 5.6% below the benchmark. 

For leases below 1,000 square meters, other A+ buildings in the region negotiated, on average, 4.9% above the Market Rent. B32’s two transactions in this range, both with Jefferies, were around 3% below the benchmark.

For spaces between 1,000 and 3,000 square meters, competitors exceeded the benchmark by 13.6%, while Cosan’s lease at B32 was signed 1.1% below it.

For large occupancies above 3,000 square meters, other developments negotiated, on average, 8.9% above the market. At B32, Banco Master and Shopee both signed below the benchmark.

B32’s individual discounts are not particularly large. They range from 0.7% to 5.6%, differences that, when viewed separately, could almost go unnoticed. What stands out is the consistency: five transactions, five contracts below the benchmark.

The low vacancy rate shows that there is demand and that the building is capable of attracting major companies. The issue is not filling its floors, but the rent accepted to occupy them.

By closing every analyzed transaction below the Market Rent, while most neighboring buildings move above their respective benchmarks, B32 raises the question of whether its commercial strategy is leaving money on the table.

Prioritizing long-term contracts and predictable revenue may be a legitimate strategy. Vacant space, after all, does not pay rent. But in a region where most A+ buildings are able to negotiate above the Market Rent, the whale building appears to be securing the audience without necessarily charging the ticket price the show would justify.

B32 remains one of Faria Lima’s most recognizable landmarks. The challenge for its management is to ensure that its contracts reach the same level of grandeur as its architecture.