{"id":5441,"date":"2025-10-13T05:15:03","date_gmt":"2025-10-13T05:15:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=5441"},"modified":"2025-10-13T05:28:14","modified_gmt":"2025-10-13T05:28:14","slug":"zara-founder-buys-miamis-sabadell-financial-center-for-274m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/zara-founder-buys-miamis-sabadell-financial-center-for-274m\/","title":{"rendered":"Zara Owner\u2019s $274M Brickell Deal Is Miami\u2019s Largest Office Sale of 2025 So Far"},"content":{"rendered":"<p>Spanish billionaire Amancio Ortega, founder of Inditex (the global fashion group behind Zara) has expanded his south Florida holdings. Through his family investment office, Ponte Gadea USA, Ortega acquired the Sabadell Financial Center \u2014 a 30-story office tower at 1111 Brickell Ave. in Miami\u2019s Brickell district \u2014 for $274.4 million.<\/p>\n<p>The deal, brokered by CBRE\u2019s Chris Lee and Sean Kelly on behalf of sellers KKR &amp; Co. and Parkway, is the <a href=\"https:\/\/www.globest.com\/2025\/10\/08\/amancio-ortega-makes-south-florida-largest-office-deal-in-2025-with-274m-buy\/\" target=\"_blank\" rel=\"noopener\">largest office transaction in south Florida this year<\/a>, ahead of the $221 million Bank of America tower trade at Las Olas City Centre and the $208 million sale of Las Olas Centre I and II in Fort Lauderdale, Fla.<\/p>\n<p>The Sabadell Financial Center was built in 2000 and renamed in 2010 after its main tenant. A $10 million renovation in 2020 upgraded the lobby and entrance; added a 26,000-square-foot amenity deck; and created 18,000 square feet of outdoor green space for yoga and fitness. The 523,000-square-foot tower includes 8,000 square feet of ground-floor retail leased to Carrot Express and Vice City Bean. It houses office tenants such as Sabadell United Bank, Telefonica USA, Morgan Stanley, Industrious and Baker McKenzie.<\/p>\n<p>At about $525 per square foot, the Sabadell sale fits with Miami\u2019s bifurcated office market, where newer, amenity-rich buildings near transit achieve top rents and occupancy while older stock lags. Ortega\u2019s purchase price more than doubled the metro average of $250 per square foot, underscoring the premium placed on prime Brickell assets.<\/p>\n<h2>Miami Tops Southern Metros in Office Sale Prices &amp; Rents<\/h2>\n<p>Through August, office properties in Miami sold for an average of $250 per square foot \u2014 the highest rate among Southern metros, according to Yardi research data. Overall sales volume through the same period was, at $296 million year-to-date, <span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1adg3ll r-1g7jtus r-1x3r274\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"> <span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1x3r274 r-nhe8su r-yn5ncy r-clrlgt r-1ftll1t\">trailing <\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1x3r274 r-nhe8su r-yn5ncy r-clrlgt r-1ftll1t\">powerhouses <\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1x3r274 r-nhe8su r-yn5ncy r-clrlgt r-1ftll1t\">like <\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1x3r274 r-nhe8su r-yn5ncy r-clrlgt r-1ftll1t\">Dallas <\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1x3r274 r-nhe8su r-yn5ncy r-clrlgt r-1ftll1t\">($1.5B) <\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1x3r274 r-nhe8su r-yn5ncy r-clrlgt r-1ftll1t\">and <\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1x3r274 r-nhe8su r-yn5ncy r-clrlgt r-1ftll1t\">Washington, <\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1x3r274 r-nhe8su r-yn5ncy r-clrlgt r-1ftll1t\">D.C. <\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1x3r274 r-nhe8su r-yn5ncy r-clrlgt r-1ftll1t\">($3.1B)<\/span><\/span><\/span><\/p>\n<p>Miami also led the South in asking rents: The metro\u2019s full-service equivalent listing rate reached $55.77 per square foot in August \u2014 up 8.8% year-over-year. Meanwhile, vacancy stood at 14.3%, compared with 18.7% nationally, and remains well below Austin, Texas, (26.5%) and Dallas (22.4%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Spanish billionaire Amancio Ortega, founder of Inditex (the global fashion group behind Zara) has expanded his south Florida holdings. Through his family investment office, Ponte Gadea USA, Ortega acquired the Sabadell Financial Center \u2014 a 30-story office tower at 1111 Brickell Ave. in Miami\u2019s Brickell district \u2014 for $274.4 million. The deal, brokered by CBRE\u2019s Chris Lee and Sean Kelly on behalf of sellers KKR &amp; Co. and Parkway, is the largest office transaction in south Florida this year, ahead of the $221 million Bank of America tower trade at Las Olas City Centre and the $208 million sale of&#8230;<\/p>\n","protected":false},"author":3163,"featured_media":5442,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[18],"class_list":["post-5441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-office-news","tag-miami-fl"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Zara Owner\u2019s Ponte Gadea Buys Miami\u2019s Sabadell Financial Center for $274M<\/title>\n<meta name=\"description\" content=\"Amancio 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