Zara Billionaire to Buy Office Center in Miami’s Brickell for $275M
The sale would be the biggest office deal in South Florida so far this year, reports say
By Greg Cornfield July 14, 2025 8:00 pm
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Amancio Ortega, the Spanish billionaire behind the Zara retail and clothing brand, is in talks to buy a 30-story office building in Miami’s Brickell from KKR and Parkway for $275 million, multiple reports say.
Ortega’s firm Ponte Gadea is in negotiations to buy the Sabadell Financial Center at 1111 Brickell Avenue for about $525 a square foot. If it closes, the deal will be the largest office deal to close in South Florida so far this year, and it would be the second major deal in the region this year for Ponte Gadea
KKR and Parkway acquired the property for $248.5 million about seven years ago. Ponte Gadea and KKR did not immediately return requests for comment.
Last month, Ponte Gadea acquired a 44-story multifamily asset with 259 units in Fort Lauderdale for $165 million, and two years ago, the company bought a large cold storage facility in Hialeah for $113 million. Ponte Gadea also owns a collection of retail buildings on Miami Beach’s Lincoln Road, acquired for $370 million, and an office tower in Downtown Miami, acquired for $517 million, as well as the Epic Hotel in Downtown Miami and another office in Coral Gables.
Ortega joins other billionaires and well-financed developers investing in Brickell, where offices ask about $92 a square foot. In May, Melo Group put down $212 million for an empty office development site in Brickell. Plus, in the past year, Nuveen sold the 701 Brickell office for $443 million; billionaire Ken Griffin revealed plans for a 54-story global headquarters at 1201 Brickell Bay Drive; and Tyko Capital provided $565 million for the super-fancy 830 Brickell, Miami’s first new stand-alone office tower in over a decade.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
