Rio de Janeiro State Government Leads Largest Office Lease in Q2 2025 With R$ 725K Monthly Contract in Cidade Nova
- With 15,000 m² leased at Presidente Business Center, the deal closed at R$ 42.84/m²—29.3% below market rent; vacancy rate dropped from 84% to 44%
Recent data from SiiLA’s Market Analytics platform shows that the largest office lease in Brazil during the second quarter of 2025 was signed by the State Government of Rio de Janeiro, which leased 15,000 m² at the Presidente Business Center (PBC).
The lease was signed in June at R$ 42.84/m², totaling approximately R$ 725,700 per month for a 120-month term. Beyond being the largest lease of the period, the deal stood out for closing at a rate 29.3% below the property’s Market Rent, which is R$ 60.58/m².
Owned by the Paskin family, the PBC is a Class A asset that had an 84% vacancy rate as of Q1 2025. With the new lease, that rate dropped to 44%.
The government will share the building with several other tenants. On the ground floor, there is a daycare center and a CrossFit gym. Upper floors are occupied by Banco do Brasil and Geap Saúde.
The State Government informed REsouce that the space is currently occupied by the Cecierj Foundation, the Department of Penitentiary Administration (SEAP), the Intelligence Subsecretariat of the Military Police Department (SEPM), and the Military Police Internal Affairs Division. Starting in August, the headquarters of the Public Security Institute (ISP) will also begin operating at the site.
Cidade Nova
The Presidente Business Center is located in Cidade Nova, a district predominantly occupied by public institutions, which account for about 31% of the leased area. Local tenants include the Municipal Transport Department, CET (Traffic Engineering Company), the National Library, and the Command and Control Center, among others.
In addition to the public sector, major tenants in the region include oil and gas companies (24%), such as Vibra Energia and Technip, and utility providers (19%), including Telefônica, the State Water and Sanitation Company, and Brazil’s national power grid operator (ONS).
Other Leases
Although the lease at the Presidente Business Center was the largest by individual tenant, the property with the highest total leased area in the quarter was Passeio Paulista in São Paulo.
The asset, developed by Brookfield in partnership with Fibra Experts, welcomed three new tenants—Banco do Brasil, Saint Paul, and Pernod Ricard—who collectively occupied 26,600 m².
