Nestle won naming rights in the whirlwind deal for the 29-story BKB Building at Avenida Dr. Chucri Zaidan 246 in the Marginal Pinheiros submarket. A Hines spokesman has confirmed the lease term for GlobeSt.com.
The spokesman says the asset's been dark since July 2007, a fallout from Banco Itaú's 2006 takeover of BankBoston, which developed it and had been the only occupant since its completion in April 2002. Hines CalPERS Brazil II Fund acquired the building one month before it was emptied, putting teams from Jones Lang LaSalle and Cushman & Wakefield Inc. into the driver's seat to find a backfill.
Nestle will move 2,000 employees from a 301,389-sf headquarters building [28,000 m2] just three blocks away and consolidate several other leased locations before this quarter ends. When all is said and done, Nestle will still have room to expand.
According to the Hines spokesman, the lease doesn't include a purchase option, but he points out that a tenant has the right of first refusal on any sale under Brazilian law. The building represented the largest block of open space in the Marginal Pinheiros submarket, one of three high-profile office districts centrally located in Sao Paulo.
Designed by Skidmore, Owings & Merrill LP and Brazilian architect Julio Neves, the high rise is considered an architectural landmark throughout Latin America. Its architectural elements include curved glass around a landscaped garden and granite, glass and stainless steel skin.
The Hines-CalPERS fund primarily targets Brazil, but it can acquire in Argentina and Chile too. The portfolio mix is office, industrial and residential properties.
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