Spanish billionaire Amancio Ortega opened his wallet to the tune of $516.6 million to buy the Southeast Financial Center, downtown Miami’s iconic office tower.
Word of the deal leaked out last week. Now it’s official: A deed recorded on Tuesday shows Ponte Gadea Biscayne, Ortega’s U.S. investment arm, purchased the 55-story tower. Commercial real estate in Miami has seen big investments so far this year but none the size of Ortega’s.
Last year, Ortega, who owns fashion chain Zara, spent $370 million to buy a block on Lincoln Road. He is known to invest in trophy properties around the world. But Ortega may be coming in at the top of the market. Rents on Lincoln Road stayed flat over the last year and could drop over the next year, according to a report from brokerage Cushman & Wakefield.