Investigations Leave 38,000 Sqm of Office Space Vacant in Brazil

The most emblematic case occurred at the beginning of the second quarter of 2026, when Banco Master vacated all 14,446 sqm of Auri Plaza Faria Lima, which it had occupied as the sole tenant since 2024. The building had undergone an approximately R$400 million renovation, according to internal sources, and the infrastructure upgrades pushed rents higher. The current asking rent is R$230 per sqm, and the building remains 100% vacant. 

At Pátio Victor Malzoni, Banco Master vacated 4,799 sqm between 2024 and 2026. In the South Tower, suites 51, 52, 53 and 54, vacated in the second quarter of 2026, were immediately leased to BTG, totaling 1,885 sqm. Another 1,542 sqm in suites 21, 22 and 81, vacated in the second half of 2025, remains empty. In the North Tower, suites 111, 112, 113 and 114, totaling 1,372 sqm, were fully leased to Rolex in the same quarter in which Banco Master left, with no impact on vacancy. 

Blue Bank vacated four floors totaling 7,920 sqm at Birmann 32, all of which were subsequently leased to Shopee and GCB Investimentos. 

At the center of what became one of the largest financial scandals in Brazil’s history, Banco Master saw its top executives arrested during Operation Compliance Zero, which uncovered an extensive scheme involving alleged multibillion-real fraud, money laundering, and active and passive corruption. Investigations stemming from the operation are still ongoing, and the bank was liquidated, as were Blue Bank and other companies in the group linked to the alleged financial schemes. 

As part of the developments surrounding the Banco Master case, asset manager Reag Investimentos vacated 5,101 sqm at Bothanic Faria Lima Corporate in the last quarter of 2025. The space was fully leased to BMA Advogados in the second quarter of 2026. At Amadeus Business Tower, the 250 sqm vacated in the first quarter of 2026 was immediately leased to Banco ABC, while 494 sqm on the 17th floor of Plaza Iguatemi Business Center has remained vacant since the asset manager left.

Also liquidated by Brazil’s Central Bank as part of Compliance Zero, Reag was the administrator of a fund linked to Operation Carbono Oculto, which investigated alleged money laundering in the fuel sector and a possible connection to organized crime.

Grupo Fictor vacated 2,304 sqm at Jatobá Green Building in the second quarter of 2026, and the space remains empty. Fictor also drew attention due to its ties to Banco Master after attempting to acquire the bank in November 2025. Two months later, the group filed for judicial reorganization. Its founder, Rafael Góis, was among the targets of Operation Fallax, which investigates alleged fraud involving Caixa Econômica Federal. According to Estadão, alleged accounting discrepancies identified by creditors are also still under investigation. 

Last Tuesday, August 18, Laspro Consultores, Fictor’s court-appointed administrator, accepted a request to remove the founder and the group’s management amid investigations into an alleged pyramid scheme. REsource contacted the group, but had not received a response by the time of publication. 

Of the 38,417 sqm of office space analyzed and affected by corporate crises and investigations, more than half still has no new tenant. Premium assets such as Birmann 32 tend to see stronger leasing demand due to their location, infrastructure and architectural efficiency, which makes their space more competitive among occupiers. 

Buildings such as Auri Plaza Faria Lima, however, face the challenge of distancing the property from the high-profile Banco Master case while also demonstrating to the market the features that make the asset attractive. When Banco Master was still the tenant, its rent per sqm was 58% higher than that of other properties in the same class in the area.