Pandemic delays rentals at B32, a high-end building in Faria Lima

At the beginning of the year, Birmann estimated that the entire area of the triple-A building would be pre-leased by the end of June, but the worsening scenario led to a revision of expectations for December.

The trend, according to Rafael Birmann, creator of the development, is that it is possible to obtain R$ 225 per m² on the remaining floors

12/09/2020

The B32 - considered the best corporate office building in São Paulo at Faria Lima, the most lavish address of high-end commercial buildings in the city - is approaching the end of 2020 with 61% of its 51 thousand square meters area rented by tech companies, including Facebook. If the floors belonging to the land swap are removed, the lease amounts to 77% of the partners’ area of the project, a group led by Partage Investimentos. The expectation of Rafael Birmann, creator of the building and minority of the project, is that the leases of the investor areas will be completed by the first quarter.

At the beginning of the year, Birmann estimated that the entire area of the triple-A building would be pre-leased by the end of June, but the worsening scenario led to a revision of expectations for December. “People are concerned about the second COVID wave and the possibility of a new ‘lockdown’,” the building’s creator told Valor. There are expectations of closing contracts with a gym and with the company that will manage the building’s restaurant by the end of the year. Still, talks with potential tenants in the financial market and the technology sector may take longer.

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