Miami Office Tower Sale Closes For $274M

Spanish retail magnate Amancio Ortega has completed the purchase of the 1111 Brickell office tower in Miami for $274.4 million, according to property records.

His family investment vehicle, Pontegadea, had been under contract for several months before finalizing the deal.

The 30-story building, also known as the Sabadell Financial Center, totals roughly 1 million square feet and is one of the most prominent office assets in Brickell. Current tenants include Morgan Stanley, Baker & McKenzie, and Millennium Management.

This sale marks a lucrative exit for the sellers, KKR and Parkway, who bought the tower about seven years ago for $248.5 million. In terms of size and value, it currently ranks as the largest office transaction in Miami this year.

The acquisition adds to Ortega’s growing Miami real estate holdings. In 2016, he acquired the Southeast Financial Center in downtown Miami for $517 million. In recent months, his investments have extended to luxury multifamily properties in Fort Lauderdale and retail real estate in Miami’s Design District and along Lincoln Road.

 

Source:  Commercial Observer