Torre Norte | Properties | Tishman Speyer


Properties / Brazil / São Paulo

Our platform at work

Torre Norte showcases Tishman Speyer’s ability to design, develop and lease a premium building while creating a prized asset in the global real estate market.

Av. das Nacoes Unidas 12901
São Paulo 4578-0

A deeper look at : Torre Norte

With the stabilization of Brazil’s economy after years of hyperinflation, São Paulo’s real estate market in 1996 was positioned for growth.

The Property

International companies were entering the market for the first time, or expanding their operations to accommodate anticipated growth. Due to unavailability of financing and slack demand, little first-class office space was built in the 1980s and early 1990s, creating a development opportunity. Tishman Speyer researched the Brazilian market extensively, formed a strategic alliance with a Brazilian company, identified funding sources and located a prime property for development.

Our Role

Tishman Speyer entered into a joint-venture partnership with Método Engenharia S.A., one of Brazil’s most traditional construction companies, forming a strategic alliance (TSM).

TSM identified a prime site located along the river in São Paulo where a project had been designed and approved for construction, but had never been completed. The project consisted of three office towers linked by a retail space to form a single complex. Construction had begun on the West Tower before the project was stalled. The North and East towers of the project were designed and approved, but construction had not begun. TSM formed a relationship with Funcef, a Brazilian pension fund, which agreed to provide funding for the purchase and redevelopment of the North Tower/Torre Norte.

TSM carefully examined the approved design of the tower and made many modifications to ensure the leasability, profitability and efficiency of the space. The building’s mechanical systems were reconfigured to achieve greater efficiency, converting two-and-a-half floors of the building from mechanical floors to leasable space. Other modifications included a core redesign to improve system performance and increase the building’s leasable area.

In the initial stage of the project, TSM was responsible for the development plan of the project and for overseeing both the technical and the legal due diligence of the project. TSM acted as design manager, ensuring that, first, a world-class building would be designed by the local architect and, second, the costs to build the tower would be aligned with the original development plan of the project. TSM was also responsible for coordinating the marketing and leasing process of Torre Norte. TSM was appointed property manager of Torre Norte three months before the end of construction.

The Outcome

Torre Norte, completed in 1999, was a huge success in São Paulo’s real estate market. Consisting of 665,000 square feet of rentable space, the 36-story office tower contains retail space and parking. In addition, Torre Norte is the first commercial multi-tenant building in Brazil capable of producing electricity using a cogeneration plant.

The building, completed within 36 months, was fully leased six months after its delivery to a number of high-profile, international companies.

Torre Norte is considered one of the best office buildings in Brazil and was a finalist for a FIABCI (The International Real Estate Federation) Prix d’Excellence award in 2002. The property also won the Italian Prize for Concrete Structure in 2002.


After assessing Brazil’s need for premium office space at the turn of the 21st century, Tishman Speyer effectively identified an opportunity and formed relationships to create and lease a facility of enduring value.

Torre Norte showcases Tishman Speyer’s ability to design, develop and lease a premium building while creating a prized asset in the global real estate market.