Cyrela resumes talks to sell office tower

Cyrela Brazil Realty has resumed negotiations in recent weeks to sell part of the Cyrela Corporate building in São Paulo, according to Broadcast+. The homebuilder is reviewing proposals and discussing pricing with real estate fund managers.

The transaction covers 17 office floors currently leased to Nubank under an agreement signed earlier this year. Cyrela plans to keep the remaining six floors on top of the tower for its own headquarters. When a previous transaction was negotiated with TRX, those 17 floors were valued between BRL 1.0 billion and BRL 1.1 billion, implying a valuation near BRL 1.4 billion for the entire building.

In early August, Cyrela signed a non-binding memorandum of understanding with fund manager TRX to sell the office floors and four logistics warehouses for a total package of BRL 2.14 billion. TRX walked away from the acquisition weeks later amid shareholder criticism regarding an ongoing share offering. Talks to sell the four logistics warehouses, which belong to funds managed by Cy.Capital, have also restarted.

The Cyrela Corporate tower is in its final construction phase and is scheduled for delivery this year. Located at the corner of Rua Oscar Freire and Avenida Doutor Arnaldo in the Pinheiros neighborhood, the 25-story building reaches a height of 120 meters and includes 45,000 square meters of gross leasable area, with a design signed by Italian studio Pininfarina. Cyrela declined to comment.