Federal Government Authorizes UFRJ to Sell Its Stake in the Building with the Highest Market Rent in Downtown Rio

Located on Avenida República do Chile, Ventura is one of the most prominent developments in Rio’s financial district. Inaugurated in 2010, the complex consists of two A+ grade towers, with areas of 47,300 m² and 46,900 m², respectively. It currently hosts the headquarters of major tenants such as Shell, Banco do Brasil, Ipiranga, BAT, Prudential do Brasil, and Allianz.

Ownership is shared between UFRJ and asset manager Brookfield. With the new authorization, the university will be able to sell the seven floors it owns in the West Tower and the five floors in the East Tower, totaling approximately 15,488 m² of high-end office space. Since it is public property, the sale must occur through a bidding process, and the funds raised must be invested in physical infrastructure or used for the university's operating expenses.

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UFRJ’s ownership stake in Ventura originated as compensation for ceding the land on which the development was built. The expectation was to generate recurring revenue for the university — a goal that has not been achieved. Currently, most of the vacant space in the towers belongs to UFRJ, negatively impacting the property's overall occupancy rate, now at 73.8%.

According to SiiLA, Ventura’s market rent is R$ 141.63/m², and the university’s portfolio within the complex has the potential to generate over R$ 2 million in monthly revenue if fully leased.

The sale has already attracted interest from potential buyers — among them, Brookfield itself may be one of the interested parties, as the company already owns the rest of the floors in the complex. While there is no official confirmation, Brookfield is considered one of the main candidates for the acquisition. The company is also reportedly linked to another strategic property in the city, the AQWA Corporate.

UFRJ’s decision to sell its share comes amid a severe budget crisis. The institution is burdened with a R$ 61 million debt, of which R$ 26.1 million relates solely to electricity supply.

The crisis has directly affected campus life. In April, outsourced staff at the university cafeteria — the traditional “Bandejão” — went on strike over delayed wages. There have also been reports of deteriorating infrastructure, such as falling tiles, out-of-service elevators, lack of proper locker rooms, and even the postponement of graduation ceremonies.

Given this scenario, the sale of Ventura appears to be one of the few emergency measures with the potential to ease the university's financial strain. As of the time of publication, UFRJ had not officially commented on the bidding timeline.