In brief

17 billion in contracted revenue over the decade.

The lease is IPCA-adjusted and deliveries fall between the end of 2026 and the first half of 2027.

What we know

04

  1. Verified fact · material

    Eztec disclosed in a September 17 material fact that Itaú Unibanco leased all of Esther Towers, 91,400 square meters, for 10 years, extendable by 5.

    A full-building lease signed before delivery, with a long term.

    Sources[01][02][03][04]

  2. Verified fact · material

    Estimated revenue is R$ 1.17 billion over 10 years, IPCA-adjusted, about R$ 107 per square meter per month.

    Long-term contracted cash flow that removes the project's vacancy risk.

    Sources[01][02][04]

  3. Verified fact · material

    The towers sit on Chucri Zaidan avenue in São Paulo; the first is due at the end of 2026 and the second in the first half of 2027.

    Sets when the revenue starts reaching Eztec's cash flow.

    Sources[01][02][03]

  4. Verified fact

    According to CNN Brasil, Itaú will place about 10,000 in-person workstations at the complex, in the largest office lease ever seen in Brazil.

    Context on the bank's in-person work strategy.

    Sources[03]

Transmission to assets

Market read-through

For Eztec, the lease turns an asset under construction into inflation-linked recurring revenue and removes the project's leasing uncertainty.

For office REITsReal Estate FundsAssetBrazil's market of listed real estate investment funds on B3 — over 3 million investors across brick-and-mortar and paper funds, tracked by the IFIX index.Open in the Market Map ↗, the deal reinforces demand for high-end space on Chucri Zaidan.

Portfolio impact

03
EZTC3 (Eztec)positive

R$ 1.17 billion in contracted revenue removes vacancy risk on the company's largest commercial project.

A full lease before delivery tends to be read as balance-sheet de-risking.

What would change the view: Towers delivered on schedule without amendments cutting the value.

direct70% confidence
Fundos de lajes corporativas (FIIs)positive

Demand from a major bank for class A offices supports rents in the Chucri Zaidan area.

Long IPCA-linked leases set the price reference for premium office space.

What would change the view: Regional vacancy keeps falling in coming quarters.

sector50% confidence
ITUB4 (Itaú Unibanco)uncertain

The long-term lease commitment becomes an administrative expense once occupied.

The amount is small versus the bank's annual profit but signals an in-person strategy.

What would change the view: Consolidating other offices and efficiency gains offset the cost.

direct40% confidence

Direction is an explanatory hypothesis, not a forecast or recommendation.

Next signals

What to watch

  • Contract details and a possible sale of the towers to a real estate fund
  • Delivery schedule for the first tower at the end of 2026
  • Effect on class A office vacancy rates in São Paulo

Limits of the reporting

What remains uncertain

  • Coverage does not detail guarantees, grace periods or termination penalties.
  • The per-square-meter value is an estimate derived from the total revenue disclosed.

Full sources

04
01
InfoMoneyEztec (EZTC3) fecha locação do Esther Towers e prevê receita de R$ 1,17 bi em 10 anosindependent newsroom
02
ExameItaú aluga prédio inteiro da Eztec por R$ 1,17 bi e reforça aposta na Chucri Zaidanindependent newsroom
03
CNN BrasilItaú fecha maior locação de escritórios já vista e aluga 2 prédios para trabalho presencialindependent newsroom
04
Money TimesItaú (ITUB4) passa cheque gordo e leva aluguel de torre da Eztecindependent newsroom
06