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Salma Tower Secures Its First Tenants After a Year of Complete Vacancy on Faria Lima Avenue
- Delivered in December 2023, Salma Tower welcomes Vinci, Seneca Evercore, and TozziniFreire Advogados as its first tenants
By: SiiLA News
12/19/2024 Delivered in December 2023, Salma Tower is now welcoming its first tenants, nearly a year after its completion. Exclusive information obtained by SiiLA’s market intelligence team reveals that Vinci, Seneca Evercore, and TozziniFreire Advogados have leased floors in the building.
According to SiiLA’s analysis, the market rent for the property is R$316.50/m², with reported transaction values exceeding R$300/m². Subscribers of SiiLA's Market Analytics platform have full access to detailed information about these transactions!
The leases were brokered by CBRE, which shared details of the property’s area breakdown with SiiLA. Currently, floors 7, 8, 10, and 12 are confirmed as occupied.
Situated next to the iconic Pátio Victor Malzoni, Salma Tower is a Class A aasset owned by Grupo 4M, part of the Mansur family portfolio. The building offers 18,700 m² across 16 floors and was developed by Vitacon, with architectural design by aflalo/gasperini arquitetos.
What’s Still Vacant on Faria Lima?
Currently, Faria Lima’s vacancy rate stands at 9.7%—excluding Salma Tower's recent leases. Approximately 70,000 m² remain vacant in the region, including 12,200 m² in Roberto Bratke and 13,500 m² in Salma Tower. The remaining vacant spaces are smaller areas, each under 3,000 m².
There are limited prospects for new office spaces in the area. The Real Estate Exchange lists only three projects, in addition to the former Arena XP site located opposite Birmann 32.
Exit from Plaza Iguatemi
Both Vinci and Seneca Evercore are leaving Plaza Iguatemi, a nearby property where renegotiated rates have reached R$400/m². The floors are owned by JRA Construtora e Incorporadora.
Each company currently occupies 494.6 m² in Plaza Iguatemi. If rental rates were adjusted to R$400/m², each tenant would pay R$197,000 monthly. For reference, Scotiabank recently renewed at this rate and, occupying 989.3 m², now pays R$395,000 per month.
Contacted by REsource, the tenants and owners declined to comment on the matter.
ABOUT SiiLA
Founded in 2015, SiiLA is the industry leading REsource for comprehensive commercial real estate market insights, news and events across Latin America. The SiiLA suite of innovative products drive greater accuracy, efficiency, and strategic advantages for top players in the commercial real estate industry.
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