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Nestle's Landmark Lease Fills 409,000-SF Trophy

SAO PAULO, BRAZIL-In a whirlwind deal, Nestle gets naming rights with the 12-year lease for the 29-story BKB Building. The deal is touted as the largest in the city's history.

By Connie Gore | Updated on April 16, 2008

SAO PAULO, BRAZIL-Taking the deal full circle in four months, Nestle has staked a 12-year claim to a 409,000-sf [38,000 m2] architectural landmark in Latin America. The deal is believed to be the largest lease in the city’s history.

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.

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