The ASA manager, owned by Alberto Safra, one of the sons of Banco Safra’s founder, Joseph Safra, announced this Tuesday the purchase of land on Avenida Rebouças, in the Pinheiros neighborhood, in São Paulo, for the construction of one of the largest buildings in the city that will house the institution’s headquarters and will also have corporate spaces for rent.
The manager did not reveal financial details of the transaction nor did it provide an estimated completion date for the project, which is expected to be ‘more than 200 meters high’. The area of the land purchased is 8 thousand m² and the built area of the building will be 80 thousand m², according to the manager.
Currently, the tallest building in the city of São Paulo is Paseo Alto das Nações, 219 meters high, located in the region of Berrini and Chucri Zaidan avenues, close to Marginal do Rio Pinheiros.
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According to a source, the estimated price per square meter in the region could reach R$55 thousand, which means that the deal closed by Asa could reach up to R$440 million.
‘The region has been consolidating itself as a new business hub, absorbing the growing demand from Faria Lima and Paulista, with the continuous appreciation of high-quality properties. We are excited because we were able to actually acquire one of the best pieces of land in the city,’ said Daniel Cherman, director of real estate investments at ASA.
According to a statement from ASA, the rental of corporate spaces in the building that will house the company’s new headquarters reinforces ‘the strategy of diversifying investments through the acquisition of real estate assets in the best locations within large cities’. Currently, Asa’s headquarters are located on Alameda Santos, in the Avenida Paulista region.
The land is located close to Rua dos Pinheiros, which is home to several bars and restaurants, and is also close to the Fradique Coutinho metro station. Avenida Rebouças connects Avenida Paulista to Marginal do Rio Pinheiros, crossing Avenida Faria Lima, the heart of São Paulo’s financial sector.
Netflix recently moved its headquarters in Brazil from the city of Barueri, in the western region of Greater São Paulo, to Avenida Rebouças and online retailer Amazon rented corporate spaces in a commercial building being built in the region. Nubank is headquartered on one of the corners of Avenida Rebouças as well.
