- 830 Brickell, a top Miami office tower, seeks eviction of Banco Master for unpaid rent since September.
- Banco Master’s US expansion halted after its financial collapse and fraud allegations in Brazil.
- The bank signed a 10-year, $58M lease but never occupied the space or paid its $423K monthly rent.
- Eviction is tied to Banco Master’s ongoing bankruptcy proceedings in Brazil and Miami courts.
Eviction Action at 830 Brickell
According to Bloomberg, the owner of 830 Brickell Plaza, Miami’s premier office tower, has filed suit to evict Banco Master after months of unpaid rent. The bank, once positioned for US growth, was leasing two floors but failed to pay rent and never built out its space.
Impact of Banco Master’s Collapse
Banco Master recent implosion amid major fraud allegations prompted both Brazilian and US bankruptcy proceedings. Its majority owner, Daniel Vorcaro, was arrested in November. The Miami landlord terminated the $58M lease following these events and swiftly removed Banco Master’s signage from the property.
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Lease Details and What’s Next
In July 2024, Banco Master signed a 10-year lease at 830 Brickell, agreeing to pay $423,320 per month. The bank aimed to join top tenants like Microsoft and Thoma Bravo in the premier Miami tower. Despite Banco Master’s collapse, other major tenants have deepened their commitment to 830 Brickell, with some expanding their leased space in recent months. Since then, its financial and legal troubles have deepened, prompting the landlord to file for eviction.
Banco Master’s lawyers want the eviction paused while bankruptcy courts review the case. The legal fight reflects broader instability caused by the bank’s rapid collapse.
Broader Expansion Plans Halted
Before its collapse, Banco Master sought flagship space in cities such as Miami, São Paulo, and London, including consideration of top offices like 22 Bishopsgate. Most expansion plans have now been discontinued, with the Miami eviction process signaling further retreat from global real estate ambitions.
