Amancio Ortega's Ponte Gadea Acquires Sabadell Financial Center In Miami For $275 Million
1111 Brickell Avenue
$275,000,000
$524/SF
Building Size
524,000 SF
Asset Type
Office
Closing
Jul 13, 2025
About this deal
AI
The Sabadell Financial Center is an office asset located at 1111 Brickell Avenue in Miami, comprising 524,000 square feet and situated on 1.8 acres. It is currently under contract for approximately $275 million, equating to a price per square foot of $525. The property is a 30-story tower that was previously acquired by KKR and Parkway for $248.5 million in 2018.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $275,000,000
- Address: 1111 Brickell Avenue
- Market: Miami
- Square Footage: 524,000
- Price Per Square Foot: $525
- Buyer: Amancio Ortega - Ponte Gadea
- Seller: Joseph Bae & Scott Nuttall - KKR; Jim Heistand - Parkway
- Broker: CBRE
Amancio Ortega, the owner of Zara, is the buyer representing Ponte Gadea in this significant transaction. The sellers are Joseph Bae and Scott Nuttall from KKR, as well as Jim Heistand from Parkway, who are collectively involved in this deal.
On the Map
$275,000,000
$524/SF
Office
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Players
Miami Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93