The transaction was completed for R$ 620 million. The total area sold amounts to 16,475 sq m, representing an approximate value of R$ 37.4 thousand/sq m. The stabilized cap rate for the transaction is 7.9%.

The A+ class asset, located at 165 Rua Atílio Innocenti, in the Faria Lima region, has a total area of 16,475 sq m, spread across 17 floors, with average floor plates of 803 sq m. The development also offers 420 covered parking spaces and has a market rental rate of R$ 315/sq m.

The property’s current occupancy rate is 82%, and its current tenants are: WeWork, Sergio Bermudes Advogados Associados, Shure Brasil, Trend Micro do Brasil, Maneira Advogados, and BNY Mellon.

The region preferred by financial institutions and one of São Paulo’s main corporate hubs maintained a strong pace of activity at the end of last year. Among the various lease transactions, three stood out.

At the Avenida Brigadeiro Faria Lima Building Condominium, Louis Dreyfus Company moved into the space previously leased by Saturno Serviços e Participações, covering an area of 1,347 sq m, for R$ 202 thousand per month, equivalent to R$ 150/sq m.

At Faria Lima 4440 – Acqua, BW Gestão de Investimentos signed an agreement to occupy 2,213 sq m owned by fund PVBI11, with monthly rent of R$ 597 thousand, corresponding to R$ 270/sq m.

Finally, at Vista Faria Lima, GTIS Partners itself—the seller of the asset—leased 402 sq m for R$ 140 thousand per month, equivalent to R$ 350.08/sq m.