Spanish billionaire Amancio Ortega has finalized the acquisition of the Sabadell Financial Center in Miami’s Brickell neighborhood for $274.4 million. The purchase, completed through Ortega’s Ponte Gadea investment office, represents the largest office property transaction in South Florida so far this year.
The 30-story tower, located at 1111 Brickell Avenue, was sold by New York-based KKR and Orlando-based Parkway. Records show that no mortgage was recorded on the transaction, indicating it was likely an all-cash deal. Chris Lee and Sean Kelly of CBRE acted as representatives for the sellers.
The Sabadell Financial Center encompasses 524,000 square feet and was developed in 2000 as part of a mixed-use project alongside the JW Marriott Miami hotel. Developers included MDM Group from Kendall and Rilea Group based in Brickell. Current tenants at the property include Industrious, Tibint, Kennedys Law, Law Offices of Wolf & Pravato, and Northmarq.
KKR and Parkway previously purchased the building for $248.5 million in 2018. KKR is led by co-CEOs Joseph Bae and Scott Nuttall, while Parkway’s CEO is James Heistand.
South Florida’s office investment sales have slowed compared to activity during the pandemic years when lower interest rates attracted more buyers. In Miami-Dade County, office deal volume reached $2.1 billion in 2021 but fell to $700 million in 2023 before rising again to $1.4 billion last year. Data from CBRE shows that sales totaled $293 million through part of this year.
Ortega’s acquisition surpasses other significant deals in South Florida this year, including Bradford Allen Investment Advisors’ $208 million purchase of Las Olas Centre I & II and Lone Star Funds’ consortium buying Bank of America Plaza at Las Olas City Centre for $221 million.
Industry experts note that most active buyers are those able to pay entirely in cash, thus avoiding high financing costs. Ortega is known for using earnings from his retail business—including Zara and Inditex—to invest globally through Ponte Gadea.
According to Forbes, Ortega ranks as the world’s 12th richest person with a net worth of $127.1 billion. Reports indicate he may be deploying more capital into real estate this year amid record dividends from his retail holdings and Spain’s wealth tax considerations.
Last month saw Ponte Gadea acquire Atlas Plaza in Miami Design District for $110 million; earlier purchases this year included Veneto Las Olas apartment tower for $165 million and several international properties such as Hotel Banke in Paris ($113 million), an office-retail property on Rue Saint-Honoré (about $197 million), a Barcelona office building ($284 million), and reportedly a stake in PD Ports in the United Kingdom.
“Purchasing all cash also allows for a reprieve on prices because sellers are more interested in the certainty of closing over getting the highest price in the current financing climate,” an expert told The Real Deal in July.
