Spanish billionaire Amancio Ortega has finalized the purchase of the Sabadell Financial Center in Miami’s Brickell neighborhood for $274.4 million, making it the largest office transaction in South Florida so far this year.
Ortega’s family investment firm, Ponte Gadea, acquired the 30-story tower at 1111 Brickell Avenue from KKR, based in New York, and Parkway, based in Orlando. Public records and real estate database Vizzda confirm that no mortgage was recorded for the transaction, indicating an all-cash deal.
The sellers were represented by Chris Lee and Sean Kelly of CBRE.
The Sabadell Financial Center spans 524,000 square feet and was completed in 2000 on a 1.8-acre site as part of a mixed-use development that also includes the JW Marriott Miami hotel. The original developers were MDM Group and Rilea Group. Current tenants include Industrious (a co-working company), Tibint (a marketing firm), Kennedys Law, Law Offices of Wolf & Pravato, and Northmarq (a commercial real estate services provider).
KKR and Parkway purchased the building for $248.5 million in 2018. KKR is led by co-CEOs Joseph Bae and Scott Nuttall; Parkway is headed by James Heistand.
This sale occurs during a period when office investment activity in South Florida has slowed compared to the surge seen during the pandemic years. Lower interest rates at that time attracted out-of-state companies to lease large spaces, driving up rents and sales volume. In contrast, higher interest rates over the past two years have reduced both lending activity and overall deal flow.
According to data from CBRE, office sales volume in Miami-Dade County peaked at $2.1 billion in 2021 before dropping to $1.1 billion in 2022 and further declining to $700 million last year; however, sales rebounded to $1.4 billion last year. For this year through mid-third quarter, sales totaled $293 million.
Ortega’s acquisition surpasses other major South Florida office deals this year: Bradford Allen Investment Advisors bought Las Olas Centre I & II for $208 million in February; Lone Star Funds’ fund VII with partners Highline Real Estate Capital and Square2 Capital acquired Bank of America Plaza at Las Olas City Centre for $221 million that same month.
Many buyers active today are paying cash rather than relying on financing—a strategy enabled by significant liquidity—which can make offers more attractive to sellers seeking certainty amid volatile financial conditions. Ortega is recognized as a cash buyer who reinvests profits from his global retail business into real estate via Ponte Gadea.
Forbes lists Ortega as the world’s twelfth wealthiest individual with a net worth of $127.1 billion. His recent property acquisitions coincide with anticipated record dividends—$3.6 billion—from his retail holdings this year; Bloomberg has reported he may be using these funds to invest internationally as a way to mitigate Spain’s wealth tax burden.
A real estate expert told The Real Deal earlier this year: “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.”
In addition to this latest purchase, Ponte Gadea recently paid $110 million for Atlas Plaza retail center in Miami Design District; bought Veneto Las Olas apartment tower for $165 million; acquired Paris’ Hotel Banke for $113 million; purchased an eight-story property on Rue Saint-Honoré from Hines for about €170 million ($197 million); bought an office building housing Planeta headquarters in Barcelona for $284 million; and reportedly agreed to buy a stake in PD Ports from Brookfield Asset Management in the UK.
