RBR Faces Second Major Tenant Exit in a Week, This Time in Office Spaces

RBR Asset announced in a statement on Tuesday that the tenant occupying units 21, 22, 31, 32, 41, and 42 of the Delta Plaza building in São Paulo will not be renewing its lease. The fund that owns the property, RBRP11, will see the departure of the Brazilian Securities and Exchange Commission (CVM), which will vacate 1,324 m² by June 2025. This will cause the vacancy rate of the 7,900 m² building to surge from 6% to 22%. 

Located in the Paulista region, the Class B office building has a market rental value of R$ 102.29/m². Other tenants include Livance, Mitsubishi, and other companies. 

RBRP11 owns 51.1% of the Delta Plaza, where the asset represented 7.2% of the fund’s strategy and accounted for 10% of its Gross Leasable Area (GLA). The lease termination is expected to negatively impact dividends up to R$ 0.01 per share. 

At Delta Plaza, CVM oversees regional administrative coordination. The regulatory agency also operates two other offices—its headquarters in Rio de Janeiro and a branch in Brasília focused on institutional relations. 

Although the institution did not disclose the new location to REsource, it revealed that it has organized an internal task force to find a new workspace for its employees.

"The initiative is based on the possibility of providing even greater comfort, safety, well-being, and productivity for employees, as well as optimizing the use of public resources and complying with legal and regulatory requirements on the matter," the institution told the reporting team.