Brickell Avenue Office Tower Under Contract For $275 Million

Spanish billionaire Amancio Ortega is adding another high-profile property to his growing South Florida portfolio. Ortega’s real estate investment firm, Ponte Gadea, is under contract to purchase the Sabadell Financial Center in Miami’s Brickell neighborhood for approximately $275 million.

The 30-story office tower, located at 1111 Brickell Avenue, is currently owned by KKR, a New York-based investment firm, and Orlando-based Parkway. If finalized, this would mark the largest office sale in South Florida so far this year, according to reports from Green Street and The Real Deal.

Built in 2000 by Kendall-based MDM Group, the 524,000-square-foot Sabadell tower sits on a 1.8-acre site and is adjacent to the JW Marriott Miami. KKR and Parkway acquired the property in 2018 for $248.5 million. Brokerage firm CBRE has been marketing the building, though its representatives declined to comment on the pending sale.

Ortega, best known as the founder of global fashion brands Zara and Bershka through his Inditex empire, is currently worth an estimated $118.2 billion, ranking him among the world’s richest individuals. Over the past few years, he has been expanding his real estate footprint in South Florida.

Just last month, Ponte Gadea purchased the 44-story Veneto Las Olas apartment tower in Fort Lauderdale for $165 million. The firm also acquired a cold storage warehouse in Hialeah for $113 million in 2023. Other notable holdings include the Southeast Financial Center in downtown Miami, purchased for $500 million in 2016, the Epic Hotel & Residences, and an office building in Coral Gables.

Ortega’s continued investments signal confidence in the region’s long-term value, even as the broader office market faces ongoing challenges.