Spanish billionaire Amancio Ortega, founder of the global fashion brand Zara, with a networth of $123 billion according to Forbes, has purchased the Sabadell Financial Center in Miami’s Brickell district for $274.4 million. The transaction represents the largest office sale in South Florida this year.
The purchase has drawn attention among South Florida’s Spanish community, including many Key Biscayne residents, familiar with Ortega’s international fashion empire.
Zara, one of his flagship brands and a staple for shoppers across Spain and Miami alike, maintains a strong presence both at home and abroad. As of August, the retailer operates 163 stores in Spain and 99 across the United States, including prominent locations at Brickell City Centre and Dadeland Mall in Miami. The brand’s success and visibility in South Florida reflect Ortega’s broader investment strategy, which continues to tie his business empire to Miami’s growing influence as a global center for fashion, finance, and real estate.
The acquisition comes amid a cooling investment market where cash-rich buyers like Ortega hold an edge. Ortega’s family investment firm, Pontegadea, acquired the 30-story tower at 1111 Brickell Avenue from KKR and Parkway, according to property records and reporting by Commercial Observer, which also notes data drawn from commercial real estate platform Vizzda.
Completed in 2000, the 526,000-square-foot Sabadell Financial Center sits on 1.7 acres and forms part of a mixed-use complex that includes the 296-room JW Marriott Miami next door. Current tenants include coworking company Industrious, marketing agency Tibint, Kennedys Law, Wolf & Pravato, and commercial real estate firm Northmarq.
The sale, brokered by Chris Lee and Sean Kelly of CBRE, surpasses other major office transactions in South Florida this year. It also reinforces Brickell’s status as the financial heart of Miami, even as the national office market faces continued headwinds.
Ortega’s firm, Pontegadea, ranks among the world’s largest private real estate investors, with landmark properties in London, New York, and Madrid. The group has steadily expanded its South Florida portfolio in recent years, signaling confidence in Miami’s long-term economic strength.