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Vacant Office Left by X (Formerly Twitter) on Faria Lima Has a New Tenant
- Elon Musk's company had returned the 9th floor of Praça Faria Lima in the 1st quarter of 2024; in 2023, the company had already vacated the 8th floor of the same building.
By: SiiLA News
08/28/2024 Blip, a Brazilian digital communication platform, will occupy part of the office space that X (formerly Twitter) left vacant in the Praça Faria Lima building, a class A+ development located in the renowned Faria Lima area in São Paulo. The company will take over the 9th floor of the building, totaling 1,117.53 sqm (BOMA area). The information was confirmed by the company to REsource.
In April of this year, REsource had reported that X (formerly Twitter) would close its last office in Brazil amidst controversies with the Supreme Federal Court (STF).
In 2023, X had also vacated the 8th floor in the same building. That space was leased by Banco BBVA in the second quarter of 2024.
Praça Faria Lima, which in 2022 had reached 100% occupancy, was, at the end of the second quarter of 2024, with a occupancy rate of 70% after consecutive tenant departures. With the new leases registered so far, the occupancy rate of the building has risen to 80%.
An analysis by SiiLA estimates that this lease was finalized at a rate of R$ 258.72/sqm for the private area (R$ 228.80/sqm for the BOMA area). Currently, the market value of the property is R$ 232.50/sqm.
Blip Bets on Its Own Office After Occupying Coworking Spaces
Blip enlisted the help of a real estate consultancy to find a space in São Paulo. Before leasing space at Praça Faria Lima, the communication company was based in a coworking space.
"Just as our company has constantly evolved and grown, even acquiring offices outside Brazil, we also wanted to have a space that reflects our history in the corporate center of the country," said Blip's CEO, Roberto Oliveira, in an exclusive interview with REsource.
According to the CEO, the move is a natural progression aligned with the company's growth, seeking to be closer to clients, partners, and allies.
"Having our own space gives us the opportunity to create something that reflects Blip's essence, incorporating our values, vision, and history into the environment. We want everyone who visits our office to feel more connected with our purpose, and most importantly, for our 'blippers' (as we call our employees) to have a creative and comfortable space to work," added the executive.
In addition to the new space in São Paulo, Blip also maintains offices in Belo Horizonte, Mexico City, Madrid, and the United States.
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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