Amancio Ortega's Ponte Gadea Acquires Sabadell Financial Center From KKR And Parkway For $274.35M

The property asset involved in the transaction is located at 1111 Brickell Avenue in Miami. This office asset spans 1.78 acres and encompasses a total of 1,072,012 square feet. The sale price for the property was $274,350,000, which reflects a price per square foot of $256. The building is identified as the Sabadell Financial Center and is a 30-story tower that underwent renovations in 2020.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $274,350,000
• Address: 1111 Brickell Avenue
• Market: Miami
• Asset Size (Acres): 1.78
• Total Square Footage: 1,072,012
• Price Per Square Foot: $256
• Buyer: Amancio Ortega - Ponte Gadea
• Seller: Joseph Bae & Scott Nuttall - KKR; Jim Heistand - Parkway

The transaction featured notable individuals including billionaire Amancio Ortega, who is the owner of Ponte Gadea Biscayne LLC. The property was sold by a consortium consisting of Joseph Bae and Scott Nuttall from KKR, along with Jim Heistand from Parkway Properties. This acquisition represents Ortega's latest investment in South Florida, following his recent purchases in Fort Lauderdale and the Miami Design District.