Amancio Ortega Buys Sabadell Financial Center for $274.4 Million, South Florida’s Largest Office Deal of 2025

Spanish billionaire Amancio Ortega, founder of Zara and owner of the Inditex fashion empire, has completed the $274.4 million acquisition of the Sabadell Financial Center in Brickell. The deal marks the largest office transaction in South Florida this year and reinforces Miami’s global investment appeal.

A Major Investment in Miami’s Financial Core

Through his investment firm Ponte Gadea, Ortega purchased the 30-story, 524,000-square-foot tower at 1111 Brickell Avenue from KKR and Parkway, according to property records and Vizzda. The absence of a mortgage filing indicates it was an all-cash purchase, a strategy increasingly favored amid high interest rates.

CBRE’s Chris Lee and Sean Kelly represented the sellers in the transaction. Built in 2000 on a 1.8-acre site, the tower is part of a mixed-use development that includes the JW Marriott Miami. The original developers were MDM Group and Rilea Group.

Current tenants include Industrious, Tibint, Kennedys Law, Law Offices of Wolf & Pravato, and Northmarq.

Market Context and Record-Setting Value

The deal surpasses all other major South Florida office sales in 2025. Earlier this year, Bradford Allen Investment Advisors paid $208 million for Las Olas Centre I & II, and Lone Star Funds, Highline Real Estate Capital, and Square2 Capital jointly acquired Bank of America Plaza at Las Olas City Centre for $221 million.

These figures show that cash-rich buyers hold a distinct advantage in the current market. With lending conditions tight, many sellers now prioritize certainty of closing over maximizing price.

Ortega’s Expanding Real Estate Portfolio

According to Forbes, Ortega is the 12th richest person in the world, with a net worth of $127.1 billion. His firm Ponte Gadea manages one of the largest private real estate portfolios globally.

In recent months, Ortega has accelerated his buying spree:

• In September, Ponte Gadea bought Atlas Plaza in the Miami Design District for $110 million.

• In June, the firm acquired Veneto Las Olas, a 259-unit multifamily tower in Fort Lauderdale, for $165 million.

• In July, it purchased Paris’s five-star Hotel Banke for $113 million.

• In August, Ponte Gadea paid €170 million (~$197.3 million) for a mixed-use building at 223 Rue Saint-Honoré in Paris.

• In May, Ortega bought a 290,000-square-foot office in Barcelona for $284 million.

• The firm is also reportedly acquiring a 49% stake in Brookfield’s PD Ports in the United Kingdom.

These investments reflect a strategic focus on prime global cities and income-generating assets.

Strategic Timing and Tax Efficiency

As Bloomberg reported, Ortega may be deploying his record $3.6 billion in annual dividends into real estate to offset Spain’s wealth tax. This reinvestment strategy allows him to preserve wealth while expanding his long-term global footprint.

The Miami purchase also highlights how Ponte Gadea leverages liquidity to move decisively when financing costs deter institutional investors. Moreover, buying with cash provides pricing advantages, as sellers often value speed and certainty in volatile markets.

A Vote of Confidence in Brickell’s Market

Miami’s office investment volume has fluctuated sharply in recent years. Data from CBRE shows $2.1 billion in 2021, $1.1 billion in 2022, and $700 million in 2023. Encouragingly, total sales rebounded to $1.4 billion in 2024.

Ortega’s purchase signals renewed confidence in Brickell’s commercial sector and Miami’s position as a global business hub. Despite slower investment activity, private buyers with significant liquidity continue to pursue high-quality, income-producing assets in South Florida.

A Long-Term Bet on Miami

Closing at roughly $525 per square foot, the Sabadell Financial Center deal cements Ortega’s status as a patient, strategic investor. It also demonstrates Miami’s enduring draw for global capital, particularly from Europe.

In a market defined by uncertainty, Ortega’s all-cash acquisition underscores a clear message: Miami remains a safe haven for long-term wealth preservation and growth.

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