New building in São Paulo: Iguatemi evaluates project in the area, where a permit has been issued for an office tower
- An entity linked to Iguatemi and Catuaí demolished two properties; a possible Four Seasons hotel has not been confirmed by either company
Iguatemi is evaluating a real estate development in Itaim Bibi, in the southern part of São Paulo. In a statement released on Monday (5), the company said it is studying the project with a co-investor, but has not yet defined its characteristics, intended use or financing structure.
The site is between Jerônimo da Veiga and Amauri streets, near Brigadeiro Faria Lima Avenue. The company linked to the project, previously known as TF 61, is now called Amauri Empreendimento Imobiliário. Records from 2025 showed that companies linked to Iguatemi and Grupo Catuaí held stakes in the venture.
According to reports, the two buildings on the block were demolished between 2022 and 2023. The site has a permit for a 13-story office building with 11,200 square meters of floor area and ground-floor retail. Unconfirmed market information points to discussions about a luxury hotel under the Four Seasons brand on the neighboring lot.
In a statement to the press, Iguatemi confirmed that it is evaluating a real estate development in Itaim with a partner, but said the project’s format and intended use have not yet been defined. The company also did not confirm Four Seasons’ involvement.
At the time of publication, neither Iguatemi nor Catuaí had responded.
Itaim and Faria Lima
According to data from SiiLA’s Market Analytics, the site is located between the Faria Lima and Itaim office markets. Both areas have low vacancy rates: 9.22% and 7.31%, respectively.
Faria Lima and Itaim Bibi currently have the highest market values in São Paulo: R$309.10 and R$302.33 per square meter, respectively, for A+ and A-class properties. These figures help illustrate the potential impact of the tower in one of the capital’s leading office markets.
The Itaim plan adds to Iguatemi’s other real estate projects. In Campinas, the company is developing a R$232.4 million office tower next to Iguatemi Campinas with Building Empreendimentos. Completion is scheduled for the end of 2028. Iguatemi has also said on other occasions that it evaluates new projects based on the development potential of land associated with its shopping centers.
