A company tied to Spanish billionaire Amancio Ortega has paid more than $500 million for the Southeast Financial Center, a 55-story office tower in the heart of downtown Miami, according to a report in the Daily Business Review.
A source with knowledge of the deal confirmed the news to the Miami Herald.
This marks the second South Florida mega-purchase for Ortega, who owns the Zara fashion brand. Last year, Ortega paid $370 million for an entire stretch of Lincoln Road in Miami Beach. Forbes lists Ortega as the world’s second-richest man with a net worth of $72.2 billion.
Financial giant JPMorgan owned the 1.2 million-square-foot tower at 200 S. Biscayne Blvd., which it put up for sale over the summer.
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“It’s the largest single-building transaction in the history of Miami, to my knowledge,” said Ezra Katz, a commercial real estate investor who was not involved in the deal. “There is a very unique market for trophy properties. … It is clearly the finest location in town.”