EXCLUSIVE: Itaú Negotiates Office Leases in São Paulo’s Chucri Zaidan and Chácara Santo Antônio Districts

The move underscores Chucri Zaidan’s growing appeal as vacancy rates decline and demand for high-end office space continues to rise

SUBSCRIBER EXCLUSIVE

Milton Maluhy Filho, CEO of Itaú Unibanco | Photo: Disclosure

By: SiiLA News

06/18/2026

Itaú’s office buildings in the Jabaquara district are becoming increasingly constrained as employees return to the workplace. Market sources indicate that the bank is currently negotiating a lease in a development located in Chácara Santo Antônio. The preferred asset is Alto das Nações, developed by Altre, although Esther Towers, developed by Eztec, was also considered during the selection process.

While the deal has not yet been finalized, the planned expansion of leased office space aligns with growing speculation that the company intends to reduce the number of remote workdays. At the same time, Itaú is undergoing a digital transformation process involving approximately 300 bank branches.

(Details regarding transaction terms, rental values, rent-free periods, and other information are available exclusively to subscribers.)

Today, the financial institution concentrates most of its operations in the Jabaquara district, occupying approximately 120,000 sqm. However, the company also maintains a presence along Faria Lima...

Presence in Chucri Zaidan

Itaú is expected to lease approximately 57,000 sqm at Alto das Nações, representing roughly 60% of the development. According to sources familiar with the negotiations, the lease agreement with Altre, the property owner, would have a 10-year term, include a two-year rent-free period, and carry a rental rate of approximately BRL 105 per sqm per month.

At Esther Towers, negotiations involved approximately 33,000 sqm, with lease conditions expected to be similar to those discussed for Alto das Nações.

Both properties are classified as Class A+ and Class A office assets and are located only a few blocks apart. Esther Towers is in the final stages of construction, as is Alto das Nações, which is set to become the tallest building in São Paulo.

Chucri Zaidan Market Performance

During the first quarter of 2026, the Chácara Santo Antônio and Chucri Zaidan districts reinforced their positions as important corporate office markets, combining for a total office inventory of 1.42 million sqm. Together, the two regions recorded 39,400 sqm of gross absorption and 23,500 sqm of net absorption.

Among the two, Chucri Zaidan continues to stand out, with 925,700 sqm of inventory. The market posted 19,400 sqm of gross absorption and 10,400 sqm of net absorption during the quarter, while maintaining a vacancy rate of 14.4%.

The Class A+ segment remains the region’s strongest performer, accounting for 720,600 sqm of inventory, a vacancy rate of just 12.5%, and average asking rents of BRL 126.08 per sqm, reflecting robust demand for premium office assets.

Chácara Santo Antônio also delivered solid performance, driven primarily by Class A office buildings. The district recorded 20,000 sqm of gross absorption and 13,100 sqm of net absorption, ending the quarter with a vacancy rate of 18.4%.

The Class A segment stood out by absorbing 11,600 sqm on a net basis, reducing availability to 12.5%, while Class A+ buildings maintained average asking rents of BRL 75.02 per sqm.

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