**BR Properties sees advancement in office tower leasing**

Until then, investors were wary of the company's ability to attract tenants to the building, whose work was completed at the end of last year, amid the pandemic. This month, the other two towers in the complex are being delivered.

Advancing leases at this time is an important signal to the market that the properties will not be empty, argues the President of BR Properties, Martin Jaco. “It doesn't mean that the sky is pink. The market is difficult, in fact. But we have in our portfolio the developments that tenants want to occupy ”, said the executive.

According to JLL, a company that tracks the corporate real estate market, the vacancy rate in high-end buildings in São Paulo rose 2 percentage points in the third quarter of 2020, compared to the previous three months, to 19.3%. The total number of empty spaces is much higher in the region defined as Berrini / Chucri, exactly where Parque da Cidade is located. In this area, vacancy was 45.9% at the end of September.

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BR Properties’ first tenants in Parque da Cidade are insurance, energy and services companies, in addition to a holding company. The executive does not reveal the rental values and is limited to affirming that the numbers are “within expectations”.

BR Properties’ feasibility analysis for Parque da Cidade considers leases in the order of R $ 100 per square meter to ensure the financial viability of the operation. The most recent contracts signed in other ‘AAA’ class buildings in the region approached R $ 130 per m².

Historic

The launch of the Parque da Cidade project was carried out with pomp by Odebrecht Realizações Imobiliárias almost a decade ago. Slaughtered by Operation Lava Jato, the construction company ran out of money and ended up dividing and selling the business to real estate investors.

BR Properties purchased three corporate towers (Aroeira, Jacarandá and Paineiras) from the HSI manager in 2019. In the first two, it acquired 100%. In the third, 30%. Altogether, almost R $ 1.5 billion were disbursed in the acquisitions, concluded last Wednesday.

Parque da Cidade has two more corporate towers already in operation, controlled by Previ and BC Fund and by the Chinese conglomerate Fosun. There is also a commercial office building, shopping center, hotel, two residential buildings and a green area with a linear park.

“We are certain of the acquisition we made”, reinforces the financial and investor relations director, André Bergstein. “The city of São Paulo will have few new buildings to be delivered in the coming years.”

Bergstein added that more negotiations are underway. Part of the companies that paralyzed conversations during the quarantine have already resumed contact. “There is a demand for quality assets”, he points out.

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Despite doubts about the future of the offices in view of the popularization of the home office, BR Properties reached the 41% lease mark of its first corporate tower delivered at the mega development Parque da Cidade, on the Marginal Pinheiros, south of the capital paulista. Until then, investors were wary of the company's ability to attract tenants to the building, whose work was completed at the end of last year, amid the pandemic. This month, the other two towers in the complex are being delivered. Advancing leases at this time is an important signal to the market that the properties will not be empty, argues the President of BR Properties, Martin Jaco. “It doesn't mean that the sky is pink. The market is difficult, in fact. But we have in our portfolio the developments that tenants want to occupy ”, said the executive. According to JLL, a company that tracks the corporate real estate market, the vacancy rate in high-end buildings in São Paulo rose 2 percentage points in the third quarter of 2020, compared to the previous three months, to 19.3%. The total number of empty spaces is much higher in the region defined as Berrini / Chucri, exactly where Parque da Cidade is located. In this area, vacancy was 45.9% at the end of September. [skymarketing](https://www.skymarketing.com.pk/).com.pk strives to be Pakistan's biggest real estate developer ever, guaranteeing the highest international standards, prompt execution, and lifetime customer loyalty. For further detail visit [Smart villas](https://www.skymarketing.com.pk/islamabad/capital-smart-city/) BR Properties' first tenants in Parque da Cidade are insurance, energy and services companies, in addition to a holding company. The executive does not reveal the rental values and is limited to affirming that the numbers are "within expectations". BR Properties' feasibility analysis for Parque da Cidade considers leases in the order of R $ 100 per square meter to ensure the financial viability of the operation. The most recent contracts signed in other 'AAA' class buildings in the region approached R $ 130 per m². **Historic** The launch of the Parque da Cidade project was carried out with pomp by Odebrecht Realizações Imobiliárias almost a decade ago. Slaughtered by Operation Lava Jato, the construction company ran out of money and ended up dividing and selling the business to real estate investors. BR Properties purchased three corporate towers (Aroeira, Jacarandá and Paineiras) from the HSI manager in 2019. In the first two, it acquired 100%. In the third, 30%. Altogether, almost R $ 1.5 billion were disbursed in the acquisitions, concluded last Wednesday. Parque da Cidade has two more corporate towers already in operation, controlled by Previ and BC Fund and by the Chinese conglomerate Fosun. There is also a commercial office building, shopping center, hotel, two residential buildings and a green area with a linear park. “We are certain of the acquisition we made”, reinforces the financial and investor relations director, André Bergstein. "The city of São Paulo will have few new buildings to be delivered in the coming years." Bergstein added that more negotiations are underway. Part of the companies that paralyzed conversations during the quarantine have already resumed contact. "There is a demand for quality assets", he points out. [installation of apps faster](https://techiedigest.com/now-google-play-store-will-make-the-installation-of-apps-faster-and-consume-less-resources/) [download and install](https://techiedigest.com/how-to-download-and-install-wiseplay-on-pc/)

#27 **BR Properties sees advancement in office tower leasing**

#27 BR Properties sees advancement in office tower leasing