Amancio Ortega in Talks to Buy Brickell Office Tower for $275M

Spanish Billionaire Eyes Miami Office Tower

Spanish billionaire Amancio Ortega, founder of the Zara retail and clothing brand, is in advanced talks to acquire the Sabadell Financial Center. This 30-story office building is located at 1111 Brickell Avenue in Miami’s Brickell district. Ortega’s company, Ponte Gadea, is negotiating to buy the property from KKR and Parkway for about $275 million, or $525 per square foot.

Largest Brickell Office Deal This Year

If completed, this deal will be the largest office transaction in South Florida so far in 2025. It will also be Ponte Gadea’s second major investment in Miami this year. KKR and Parkway acquired the building seven years ago for $248.5 million. Neither Ponte Gadea nor KKR have made any public comments on the negotiations.

Ponte Gadea’s Growing Miami Portfolio

Ponte Gadea has recently been active in the region. Last month, it bought a 44-story multifamily building with 259 units in Fort Lauderdale for $165 million. Two years ago, the company acquired a large cold storage facility in Hialeah for $113 million. They also own retail buildings on Miami Beach’s Lincoln Road, purchased for $370 million. In addition, they hold an office tower downtown Miami valued at $517 million, the Epic Hotel, and another office in Coral Gables.

Miami Brickell Market Attracts Billionaire Investors

Ortega is joining a wave of wealthy investors and developers targeting Brickell. Office rents in Brickell currently average about $92 per square foot. Other notable deals include Melo Group’s $212 million purchase of a development site. Nuveen sold the 701 Brickell office for $443 million. Billionaire Ken Griffin plans a 54-story headquarters at 1201 Brickell Bay Drive. Tyko Capital provided $565 million financing for 830 Brickell, the first new standalone office tower in over a decade.

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