Itaú Unibanco agreed to lease the full Esther Towers office complex in São Paulo for about R$1.17 billion. The initial term is ten years and can be extended for a further five years. Occupation will be phased as the two towers are completed through mid-2027.
Brazilian reports said developer EZTec disclosed the transaction as a material fact. Folha de S.Paulo also obtained a statement from Itaú describing its planned occupation of the site. The underlying exchange filing was not directly retrievable during verification, so the financial terms rely on those reports.
LEASE CONSOLIDATES A LARGE WORKPLACE
The agreement covers the entire office complex rather than selected floors. Itaú said the buildings would accommodate about 9,600 work positions, making the lease a significant element of the bank’s property and workplace strategy in São Paulo.
Phased occupation reduces the risk of treating the agreement as an immediately completed move. The buildings are expected to be handed over in stages, and the bank’s use of the complex will expand as construction and fit-out milestones are reached.
DELIVERY DATES WILL SHAPE IMPLEMENTATION
The long lease creates a substantial contractual commitment for the bank while providing the developer with a single tenant for the complex. The reported extension option could lengthen the relationship to 15 years if the parties exercise it.
The next milestone is delivery of the first completed space and confirmation of the occupation schedule. Later disclosures from Itaú or EZTec should clarify how rent recognition, fit-out costs and workplace consolidation develop as the two towers enter service.