MARKET DRIVERS | From Trainee to CEO: Thiago Muramatsu Shares the Challenges and Lessons from His Real Estate Journey at SYN

Muramatsu’s own professional growth happened in parallel with the broader professionalization of Brazil’s real estate market, especially after 2007 and 2008. That period laid the foundation for the ecosystem we see today — and closely overlaps with the trajectory of the then newly graduated trainee.

“I clearly remember when people first started talking about real estate funds for retail investors. There were just a few dozen at the time. I saw the birth of BR Malls and BR Properties — companies that already had a very different strategy for that era. I remember, before joining CCP, looking at the acquisitions they were making and thinking: ‘These numbers don’t make sense.’ My first job in real estate was doing property valuations at Cushman & Wakefield, and I thought: ‘These prices are crazy.’ Only later did I understand they were working with a much more sophisticated model — not just a real estate mindset, but a financial one too. These were complex business structures, which today have become the standard,” he explains.

To him, the sector's biggest transformation came with the pandemic. “Despite all the challenges over the past 20 years — impeachment, economic crises, and more — I think the pandemic was the real turning point. It wasn’t just an economic hurdle, but something that profoundly impacted all segments: shopping malls, warehouses, offices, residential, land development… everything was affected. And I believe many of those changes are here to stay.”

Though discreet and calm, Muramatsu comfortably recalls the most challenging moments of his career. Interestingly, he says he never aimed for leadership positions — his rise was organic. Still, his promotion to CFO, which came before he became CEO, was a major milestone.

“When the former CEO invited me to take on the CFO role, my first reaction was to say I didn’t want it. But during that same conversation, he managed to convince me. I had a strong financial foundation, but it was very business-oriented — not sophisticated in terms of capital markets or major corporate decisions. That made me very anxious. I was 32 when I took the role, and many of my managers were older and more experienced. That’s when I felt the most fear. In the end, the execution went more smoothly than I expected, because I had a great team. We built mutual trust, and from then on, everyone started rowing in the same direction,” he recalls, laughing.

The transition to CEO, however, was even more challenging.

“I thought it would be much easier. In practice, I was already leading more than 90% of the company’s areas, I knew the shareholders and board, and I spoke with them from time to time. I thought it would be smooth. But my first year was really tough. We were handling the biggest real estate deal in the company’s history. I was 36 or 37, and many still saw me as a kid. The pressure from shareholders and the board to make the deal happen was huge. Everything went as planned, but the weight of responsibility caused a lot of stress. Today, I’ve learned how to better deal with that pressure and to communicate more effectively.”

Naturally calm, Muramatsu believes much of his resilience comes from his team’s support. “Having an executive team I can share concerns with and who help me think things through makes a huge difference. It’s important not to carry everything alone. Of course, the final responsibility is mine, but knowing I can share the burden and that everyone will rally together changes everything.”

Outside of work, he finds balance in simple activities. “I enjoy spending time with my family and playing sports. Sometimes I wake up early to go for a run, usually leave the office around 7 p.m., and head home. I have dinner with my kids and spend time with them… I’m not one to go out during the week. On weekends, I do more. Besides running and CrossFit, I also collect LEGO. Since I work in real estate and retail, I enjoy visiting shopping malls too. Occasionally I travel, catch up with friends… I like to enjoy the moment, without making big plans.”

Muramatsu completely defies the CEO stereotype. In the public imagination, the head of a Faria Lima real estate company is often seen as high-energy and extroverted. But he proves the market also runs on quiet, thoughtful, and consistent leadership. The people who drive this industry don’t follow stereotypes.