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.
EZTec and its subsidiary EZ Inc disclosed the transaction in a material fact on 17 September. Itaú said in a statement that the complex would be occupied exclusively by the bank, with occupancy staggered as each tower is delivered.
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 and support its hybrid working model.
The first tower is due to be completed at the end of 2026 and the second in the first half of 2027, according to BTG Pactual analysis cited by Exame.
DELIVERY DATES WILL SHAPE IMPLEMENTATION
Rent will be adjusted annually by the IPCA inflation index, and the complex has about 91,400 square metres of leasable area. The reported extension option could lengthen the relationship to 15 years if the parties exercise it.
Estadão reported that the deal was the largest office lease on record in Brazil.