Amancio Ortega's Ponte Gadea Acquires Sabadell Financial Center In Miami For $275 Million

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.