News involving Will Bank has reached the market in an almost anesthetized manner. It is the third high-profile financial institution to be liquidated in recent months. In addition to Banco Master, Reag — which was also targeted by Brazil’s Federal Revenue Service — had its liquidation decreed, directly impacting São Paulo’s high-end office market along Faria Lima Avenue, with rising vacancy levels. 

In that case, the main victim was the Bothanic Faria Lima Corporate building, a single-tenant property totaling 5,100 square meters, where Reag paid more than R$1 million per month in rent. The company’s exit contributed to negative net absorption figures in the region. In 2025, Faria Lima recorded a negative balance of 5,300 square meters. 

Auri Plaza Faria Lima is facing a similar situation. The property, which is still home to Banco Master, could become vacant at any moment. The institution entered liquidation less than two years after moving into the building, despite having signed a ten-year lease. Other companies within the group — such as Blue Bank, located at B32 — are already heading down the same path: the vacancy. 

Despite the impacts, Ygor Crispin, Manager of Offices and Occupier Services at Colliers Brazil, does not see the scenario as a cause for concern. According to him, despite the departures, landlords remain well protected contractually, although the situation still requires monitoring. 

“We do not see these episodes as a source of fear for property owners. The leases remain valid and backed by solid guarantees, which preserves the security of contractual relationships. This is more a matter of attention and monitoring than a structural risk to the market,” he says.