São Paulo State University Acquires Atento República Property for New Headquarters in Downtown São Paulo

São Paulo State University (Unesp) acquired the Atento República property located in the downtown area of São Paulo for R$70.5 million in March 2023, with the assistance of local real estate brokerage firm Binswanger Brazil. The property, previously owned by Santander, will serve as Unesp's permanent headquarters at Praça da República.

"The historic center of São Paulo is currently undergoing a significant cycle of revitalization initiatives, with both public and private sectors investing in its urban, social, cultural, and financial recovery. There are continuous efforts being made to make the historic center of São Paulo a more attractive destination for commerce, housing, tourism, and leisure," stated Nilton Molina Neto, the Managing Director of Binswanger Brazil.

According to Unesp, the institution has already obtained the keys to the building. The property is scheduled to undergo a significant renovation, projected to finish by December 2024. Currently, Unesp's headquarters is situated on Quirino de Andrade Street, also in downtown São Paulo. The future headquarters, located at Atento República, is approximately a 15-minute walk from the current location.

As evidenced by recent data from SiiLA Market Analytics, the downtown area of São Paulo has a vacancy rate of 20% for Class A+, A, and B office space, with the administration and public services, as well as the financial sectors, being the main occupiers of such spaces.

The government of São Paulo is actively pursuing multiple projects to revitalize downtown São Paulo, including relocating the government's headquarters from Palácio dos Bandeirantes in Morumbi to the City Center and proposing new commercial and residential real estate developments in the area.

The government of São Paulo is taking significant steps to revitalize the downtown area, including the relocation of the government's headquarters from Palácio dos Bandeirantes to the City Center and proposing new commercial and residential real estate developments. The business community is also backing the region's revitalization and recognizes the government's efforts to improve infrastructure, public facilities, and security, offering tax incentives to transform the downtown area into a prime investment hub. According to Molina, "promoting residential development and growth in the area is a crucial objective of the plan."