Santander pays R$33k/m² for HQ, reshaping São Paulo office pricing

When looking at recent transactions in nearby areas — such as the Juscelino Kubitschek Avenue, Itaim Bibi, and Faria Lima corridors — the price paid by Santander stands out as significantly below the market average for A+ and A-grade assets. 

One of the main comparables is the Faria Lima 3500 building, acquired by Itaú BBA in 2024 for approximately R$1.5 billion. Although the total amount was lower, on a per-square-meter basis the transaction reached roughly twice the pricing of Campus JK, with Itaú BBA paying around R$63,000 per sqm. 

Data from SiiLA shows that GTIS corporate assets have been trading below the broader market average. This is illustrated by the sale of Vista Faria Lima from GTIS to the CVFL11 FII, in which the fund paid R$37,600 per sqm for 16,400 sqm (BOMA) on the avenue with the highest office prices in Brazil, for a high-end, completed, and stabilized property. 

In another comparable transaction, Cidade Jardim was sold for R$46,200 per sqm across 7,400 sqm, in a deal between the VGRI11 and BGRJ11 FIIs. 

Within this context, the approximately R$33,000 per sq m paid by Santander indicates a significant discount relative to the market, even considering that the project is still under development.