830 Brickell owner files eviction case against Banco Master over unpaid rent
Downtown Miami’s newest and most expensive office tower has initiated eviction proceedings against Banco Master after the Brazilian lender stopped paying rent following a major financial collapse.
According to Bloomberg, the owner of 830 Brickell filed a complaint in Miami-Dade County circuit court seeking to remove Banco Master from the 44th and 45th floors of the building. The bank reportedly stopped making rent payments in September. Bloomberg noted that attorneys for Banco Master argued the eviction case should be paused while bankruptcy proceedings continue in both Brazil and the United States.
Banco Master’s troubles escalated in November when Brazilian authorities arrested majority owner Daniel Vorcaro on fraud-related allegations, including claims that more than $2 billion in credit instruments were fabricated. Around the same time, Brazil’s central bank ordered the liquidation of the Rio de Janeiro–based lender as investigations into the alleged misconduct continued.
Members of the leasing team at 830 Brickell, along with representatives from Watson Brickell Development, OKO Group, Cain International and Banco Master, did not respond to requests for comment from CoStar News.
Prior to the scandal, Vorcaro had been pursuing an ambitious expansion into the U.S. market. In 2024, Banco Master signed what was then one of the most expensive office leases in Miami history, taking 26,736 square feet at 830 Brickell for close to $200 per square foot.
The 57-story tower, developed by OKO Group and Cain International, opened in 2024 and quickly attracted a roster of high-profile tenants. Current occupants include billionaire Ken Griffin’s Citadel and Citadel Securities, Microsoft, private equity firm Thoma Bravo, and several major law and professional services firms such as Sidley Austin and Kirkland & Ellis.
At the end of 2025, the developers refinanced the property with a $630 million loan. A Fitch Ratings report issued at the time of refinancing assumed Banco Master’s space was vacant and excluded from projected cash flow.
Bloomberg reported that Watson Brickell Development, an affiliate that owns the building, moved to terminate Banco Master’s lease shortly after Vorcaro’s arrest. The bank allegedly missed monthly rent payments of $423,320 beginning in September.
Vorcaro was released from jail in late November but remains under house arrest and is required to wear an ankle monitor.
Source: Original reporting by Joshua S. Andino, CoStar News.
