The most exclusive corporate building in Miami, United States, is trying to evict Banco Master after months without receiving rent. The Brazilian financial institution was liquidated by the Central Bank (BC) amid accusations of fraud.
The building’s owner filed a lawsuit in state court in Miami-Dade County to remove the bank from the space it had leased on two floors, citing nonpayment since September.
Lawyers for Banco Master told the court that the process should remain suspended while the bank’s judicial recovery case is processed at the same time in the courts of Brazil and Miami.
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Contract worth R$307 million over ten years
In July 2024, Master signed a contract to pay approximately US$58 million (R$307 million) in rent over ten years for space in the 830 Brickell Plaza building. The building is known for being the most expensive among corporate buildings. Among the tenants, it houses offices for Citadel Securities, Microsoft and private equity manager Thoma Bravo.
But the Master bank never adapted or occupied the space and, as of September, stopped paying the monthly rent of US$423,320 (R$2.24 million), according to the eviction action filed on December 4.
The owner terminated the contract shortly after Vorcaro’s arrest and removed Banco Master’s name from the building’s exterior signs.
The action marks another chapter in the rapid collapse of Banco Master and its majority controller, Daniel Vorcaro, who had ambitious expansion plans in the United States before being arrested by Brazilian authorities in November. The Central Bank is liquidating Banco Master amid what could be the biggest bank fraud scandal in the country’s history.
Prestigious addresses
Miami was not the only city in which Banco Master sought prestigious addresses. In São Paulo, the bank was headquartered in the same building as Banco BTG Pactual and Alphabet, Google’s parent company. Master had moved to a nearby building, in the financial district of São Paulo, when the bank collapsed.
And, in London, Banco Master would have considered paying a record rent for high-end properties. The institution was analyzing the leasing of luxury offices at 22 Bishopsgate at the end of 2024, but later suspended the plan, according to the Financial Times.
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