Bank That Signed Miami’s Most Expensive Office Lease Shuttered By Authorities

Just a year after Banco Master SA committed to paying nearly $200 per square foot for the final 27,000 square feet at Miami’s premier office tower, 830 Brickell, the Brazilian lender has been shut down—and its top executive arrested.

Despite signing the record-breaking lease last year, Banco Master never moved into the space, and any interior build-out was left unfinished, according to Bloomberg. The bank’s signage still remains on the building’s exterior.

Daniel Vorcaro, the bank’s CEO and majority owner, was detained at a São Paulo airport earlier this week after authorities alleged he attempted to flee the country. Brazil’s deposit insurance authority had reportedly warned the central bank several times about Banco Master’s rapid, opaque expansion.

Now, company leadership is facing fraud allegations, and the bank’s assets are being liquidated, Reuters reported.

The 830 Brickell lease—roughly $190 per square foot for the 44th and 45th floors—was hailed as one of the priciest office deals ever in Florida and earned a finalist spot for NAIOP South Florida’s 2025 Office Lease of the Year.

Developers OKO Group and Cain, as well as Cushman & Wakefield, which handles leasing at the tower, declined to comment.

The 724-foot tower at 830 Brickell Plaza is Miami’s standout trophy office building, helping redefine the city as a destination for major corporate tenants. Citadel, led by billionaire Ken Griffin, committed to 130,000 square feet across eight floors while its $2.5B headquarters is under development. Other major tenants include Thoma Bravo, Microsoft and Kirkland & Ellis, contributing to the building’s fully leased status.

Opened last year after significant construction delays, the tower features a sky lobby, fitness center and a private club with a $25,000 membership fee on its upper floors.

Before completion, developers Cain and OKO Group refinanced the project with a $565M construction loan from Tyko Capital and a $184M mezzanine loan. They are now reportedly in discussions with Goldman Sachs and JPMorgan Chase for a CMBS loan of approximately $605M.