The 10 most expensive office buildings in Faria Lima, São Paulo

By Juliana Estigarríbia*

The global real estate market maxim “location, location, location” has never been more appropriate for Faria Lima, São Paulo’s financial center.

Despite the adverse macroeconomic scenario, the region has registered an increase in rental prices, with values exceeding R$300 (US$60) per square meter, which only reinforces the importance of location for the value of a project.

In other words, a company that occupies 1,000 square meters will pay, with no discount, R$300,000 (US$60,000) per month.

According to a survey by the consulting company Cushman & Wakefield, at the request of Bloomberg Línea, the ten most expensive commercial buildings in the region have values above R$250 (US$50) per square meter.

“Faria Lima went against the grain of the corporate real estate market as a whole, gaining value in the post-pandemic.”

“This shows that it is a resilient region; there was not only a replacement of inflation [in rent values] but also a gain in real value”, said Daniel Battistella, Commercial Real Estate (CRE) general director of Cushman & Wakefield in Brazil.

In the list prepared by the consultancy, four buildings are classified as “boutique” (see below), i.e., with the smaller gross leasable area, a profile intended for companies with a reduced number of employees but that do not give up the location.

It is the case of managers of great fortunes that, according to Battistella, are in weight in the boutique buildings of Faria Lima.

On the other hand, six of the ten most expensive buildings in the region are classified by the consultancy as “trophies”, destined for companies that demand more positions, in other words, with more employees.

“We see a predominance of companies connected to the financial sector in the region and high-end law offices,” said Battistella.

In the short and medium term, the executive said he expects the maintenance of the current levels of rent prices for corporate buildings in Faria Lima.

He explained that besides the low vacancy level – currently at 6,3% – there are few launchings to be delivered on the horizon until 2026.

“Many [projects] may be delayed by numerous variables, and deliveries should not exceed 20,000 square meters, which does not relieve the vacancy in the region.

Although the economy has gone through a ‘choke’ in the post-pandemic concerning the GDP, the appetite remains strong in Faria Lima; it is a very resilient region,” said Battistella.

He highlights that, in many cases, the building occupants quickly absorb the low vacancy level.

“The owner doesn’t even go to the trouble of looking for new tenants,” he said.

Check below, in descending order, the ten most expensive commercial buildings in the Faria Lima region:

10. HL Faria Lima

• Classification: Boutique
• Asking rent: R$250 per square meter per month
• Address: Avenida Horácio Lafer, 160

The building, owned by AMY Engenharia, Lúcio Engenharia, and Jaguari Comercial Agrícola, is a few meters away from Brigadeiro Faria Lima Avenue and has as important tenants the American financial company Moelis & Co and the Italian cosmetics giant Kiko Milano.

9. Miss Silvia Morizono

• Classification: Trophy
• Asking rent: R$255 per square foot per month
• Address: Av. Brigadeiro Faria Lima, 4,100

With 13 floors, the building owned by Canadian Brookfield and Syn Prop & Tech is located in a strategic area close to President Juscelino Kubitschek Avenue and the Pinheiros River waterfront, near the JK Iguatemi shopping center. Rumo, Raízen, and Cosan, all from the same group, are some of the tenants.

8. Faria Lima View

• Classification: Boutique
• Asking rent: R$265 per square meter per month
• Address: Rua Professor Atílio Innocenti, 165

With 17 floors and slabs of approximately one thousand square meters, the building is located next to Brigadeiro Faria Lima Avenue and belongs to the GTIS management company.

The enterprise houses one of WeWork’s units, the manager SPX Capital, one of the largest in the country, besides offices of the Lindt chocolate brand and Citrix, of technology, among other companies.

7. Faria Lima 4440

• Classification: Trophy
• Rental asking price: R$270 per square meter per month
• Address: Brigadeiro Faria Lima Avenue, 4.440

Headquarters of groups such as the Swiss UBS and China Construction Bank, 4.440 of Faria Lima has slabs from 1.161 square meters.

It belongs to BTG Pactual’s PVBI11 fund.

6. Faria Lima Financial Center – FLFC

• Classification: Trophy
• Asking rent: R$270 per square meter per month
• Address: Av: Av. Brigadeiro Faria Lima, 3,400

With 17 floors and approximately 1,200 square meters of slabs, the 20-year-old building, owned by FII fund VBI Prime Offices, houses large companies such as Companhia Siderúrgica Nacional (CSN) and Merrill Lynch.

5. Infinity Tower

• Classification: Trophy
• Asking rent: R$ 275 per square meter per month
• Address: Rua Leopoldo Couto de Magalhães, 700

It houses the headquarters of major financial groups such as Goldman Sachs, Credit Suisse, and Bloomberg.

Meta (Facebook) was one of the tenants until recently.

The 18-story development, one of the most sought-after in the area, is owned by a pool of real estate companies.

4. Birmann 32

• Classification: Trophy
• Asking rent: R$275 per square meter per month
• Address: Av. Brigadeiro Faria Lima, 3,732

The Faria Lima Prime Properties building is one of the region’s newest AAA-rated buildings.

It is best known for the sculpture of a metal whale in the plaza on the property, which also has a convention center/theater and two restaurants.

The single 125-meter tall tower has 30 floors of up to 2,200 square meters and houses companies such as Meta (Facebook’s holding company), Shopee, and PwC.

3. Victor Malzoni Courtyard

• Classification: Trophy
• Asking rent: R$285 per square meter per month
• Address: Av. Brigadeiro Faria Lima, 3,477

Owned by BlueMacaw Catuaí Triple A FII and Blue Stone Investimentos, the enterprise became one of the symbols of Faria Lima with its open space that accommodates pools on a lawn open to the public.

Among the largest tenants are Google and BTG Pactual.

2. Plaza Iguatemi Business Center

• Classification: Boutique
• Asking rent: R$300 per square meter per month
• Address: Av. Brigadeiro Faria Lima, 2.277

Built in 2002, this boutique building is still one of the most traditional in the Faria Lima region, with the highest rating in the corporate segment.

It is owned by SP Corporate, Partage, and RS Morizono and is located in front of Iguatemi Shopping Mall, housing companies such as elevator manager Vinci Partners and Atlas Schindler.

1. Metropolitan Office – Itaim

• Classification: Boutique
• Asking rent: R$366 per square meter per month.
• Address: Rua Amauri, 255

The most expensive square meter in Faria Lima is the Metropolitan Office – Itaim building, a boutique enterprise located at Rua Amauri between Avenida Brigadeiro Faria Lima and Avenida 9 de Julho.

Owned by the CSHG JHSF Prime Offices FDO INV IMOB – II fund, its tenants include Votorantim and Spectra Investimentos.

*A Brazilian journalist covering business for over 12 years, with experience in real-time, website, magazine, and printed newspaper. She has worked for Broadcast, from Agência Estado/Estadão, Exame magazine, and DCI newspaper. Previously, she worked in production and political reporting for seven years for radio and TV.

With information from Bloomberg