Zara Founder Closes $274M Purchase of 1111 Brickell Office in Miami

Zara’s billionaire founder, Amancio Ortega, closed on the purchase of the 1111 Brickell office building in Miami for $274.4 million, property records show.

KKR and Parkway sold the 30-story high-rise just seven years after buying it for $248.5 million. Ortega’s family office, Pontegadea, went under contract at least four months ago, and the deal remains Miami’s top office transaction so far this year. 

The 1 million-square-foot tower, also known as Sabadell Financial Center, is one of Brickell’s most prominent office buildings. Tenants include investment bank Morgan Stanley, law firm Baker & McKenzie, and hedge fund Millennium Management. 

The purchase adds to Ortega’s expansive Miami real estate portfolio. In 2016, the Spanish billionaire bought the Southeast Financial Center office tower in Downtown Miami for $517 million. 

Over the summer, the mogul purchased a new, luxury multifamily complex in Downtown Fort Lauderdale for $165 million. Just last month, Ortega paid $110 million for a retail building within the Miami Design District. He also owns a chunk of the Lincoln Road shopping promenade in Miami Beach.

Recent major office sales in Brickell, Miami’s financial district, have included Elliott Management and Morning Calm Management’s $443 million purchase of the 701 Brickell office building last year, as well as Tourmaline Capital Partners and Monarch Alternative Capital’s $250 million acquisition of the 801 Brickell building in 2023. 

Representatives for Pontegadea could not be reached for comment, while those for KKR and Parkway declined to comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com.