Itaú to pay up to 43.9% less rent than other major leases in São Paulo
- Bank leased 91,400 sq m at Esther Towers in Chucri Zaidan for R$106.67 per sq m per month; Amazon and Nubank deals in Rebouças and Pinheiros reached R$180 and R$190 per sq m, respectively
EZTEC confirmed in a material fact filing that Itaú Unibanco has signed a lease for Esther Towers. Located in São Paulo’s Chucri Zaidan submarket, the development has approximately 91,400 sq m of leasable area. Rent will be R$106.67 per sq m per month, equivalent to approximately R$9.75 million per month.
According to an exclusive SiiLA analysis, the rent per square meter is approximately 40% below that of comparable large-scale transactions.
One example is Amazon’s lease at Biosquare São Paulo, in the Rebouças submarket. According to SiiLA records, the company pre-leased the building in March 2025 for R$180 per sq m per month. Itaú’s rent is approximately 40.7% lower. Amazon’s reported total monthly rent was R$6.72 million for 37,300 sq m.
Compared with Nubank’s lease, the difference reaches 43.9%. In January 2026, the institution pre-leased part of Cyrela Oscar Freire, in Pinheiros, for R$190 per sq m per month. The lease covers 33,100 sq m of BOMA area, with reported monthly rent of R$6.30 million.
Itaú’s lease will have an initial ten-year term, renewable for an additional five years, with staggered commencement dates tied to the delivery of each tower. Expected revenue over the first ten years is approximately R$1.17 billion.
Impact on the submarket
Esther Towers’ 91,400 sq m represents an increase of approximately 9.9% over Chucri Zaidan’s existing office stock of 925,700 sq m. Itaú “saved” Chucri Zaidan from an increase in vacancy, something the submarket has not experienced since 2023.
If the complex were delivered entirely vacant, the vacancy rate would rise from 12.33% to approximately 20.21%.
Background
In June 2026, REsource exclusively reported that Itaú was set to lease space at Alto das Nações amid branch closures. However, a subsequent development revealed that the financial institution had pulled out of the planned lease at the Altre development.
The report noted that Itaú had not yet made a final decision but was leaning toward closing the deal. At the same time, the institution was also considering Esther Towers, which it ultimately selected as its new home.
According to REsource’s reporting, one factor behind the bank’s change of plans was the construction timeline. Esther Towers is expected to be completed before Alto das Nações, allowing Itaú to move ahead more quickly with the fit-out and occupancy of its new premises.
The timing difference became a significant factor in a negotiation of this scale. Although discussions between Alto das Nações and the bank were at an advanced stage, the prospect of moving into Esther Towers sooner ultimately favored the development.
Itaú’s arrival also prompted another prospective Esther Towers tenant to change its plans. A law firm had been negotiating for space in the development and planned to relocate from Parque da Cidade.
As negotiations with Itaú progressed, the law firm had to reconsider its plans and seek an alternative location for its operations.
