A year after Banco Master SA signed a lease for nearly $200 per SF to take the remaining 27K SF in Miami's most sought-after office building, the lender has been shut down by Brazil's central bank and its controlling shareholder was arrested this week.
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Banco Master never occupied its space at 830 Brickell after inking the deal last year, and any construction that began never finished, Bloomberg reported. The bank's name is still displayed along the side of the building.
Daniel Vorcaro, the CEO and controlling shareholder, was arrested at a Sao Paulo airport earlier this week, where authorities say he was trying to flee Brazil, Bloomberg reported.
Brazil’s financial regulator, FGC, had reportedly sent multiple warning letters to the central bank to express concern that Banco Master was expanding at an alarming pace with nontransparent assets.
Executives at the company are now facing accusations of fraud, and its assets are being liquidated, Reuters reported.
Banco Master, which also has offices in Brazil and London, leased the last 27K SF on the 44th and 45th floors in 830 Brickell last year at roughly $190 per SF — marking a record price for Florida and on par with some of the priciest deals in Manhattan.
The deal was a finalist for NAIOP’s Office Lease of the Year in its South Florida 2025 Awards of Excellence, according to a February release.
A representative for the building's developers, OKO Group and Cain, formerly Cain International, declined to comment. A spokesperson for Cushman & Wakefield, which handles leasing for the building, declined to comment.
The 724-foot office tower at 830 Brickell Plaza was one of the first trophy office buildings to rise in Miami in a decade and helped change the narrative for Miami as a market for the business elite.
Billionaire Ken Griffin’s Citadel signed on for 130K SF across eight floors while the hedge fund builds its $2.5B Miami headquarters. It was followed by the likes of Thoma Bravo, Microsoft and Kirkland & Ellis, and it is 100% leased.
Featuring a sky lobby, a gym and a private club with a $25K membership on the 54th and 55th floors, 830 Brickell opened last year after years of construction delays.
Before delivering the 57-story, 640K SF building, Cain and OKO Group refinanced their construction loan with $565M from Tyko Capital and a $184M mezzanine loan. The developers are in talks with Goldman Sachs and JPMorgan Chase for a roughly $605M CMBS loan.
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