Banco Master SA, a now-collapsed Brazilian bank, made headlines last year for renting record office space in Miami’s luxury 830 Brickell Plaza, a deal that was never realized, according to Daniel Cancel and Anna J Kaiser of Bloomberg. CEO Daniel Vorcaro, who was preparing to move into the 26,000-square-foot office, is now in custody in Brazil after authorities accused him of attempting to flee the country amid the bank’s liquidation. Banco Master, once a high-flying financial player, is under investigation for allegedly fabricating credit instruments and offering unusually high deposit rates to attract retail investors. The Miami office remains unoccupied, and similar plans in London were also suspended.
Banco Master SA, the failed Brazilian bank at the center of a swirling financial scandal, made waves of a different sort last year, when it paid record rent for the last available office space in Miami’s most exclusive skyscraper.
Now, instead of moving in, Master Chief Executive Officer Daniel Vorcaro is in custody after local authorities said he was trying to flee Brazil, where the central bank ordered that his company be liquidated.
Had things worked out differently, Vorcaro would have been rubbing elbows with executives from Citadel Securities, Microsoft Corp. and Thoma Bravo — fellow tenants at 830 Brickell Plaza in Miami’s financial district. […]
In Sao Paulo, Banco Master rented space in the same building as Alphabet Inc.’s Google and Banco BTG Pactual SA. It was also in the process of building its own offices.
Miami wasn’t the only foreign city where Banco Master considered shelling out record rent for prime real estate. The same was true in London, where the lender was eyeing high-end offices at 22 Bishopsgate in late 2024 but later suspended that plan, according to the Financial Times.
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