Spanish billionaire Amancio Ortega added another marquee asset to his global portfolio after closing on the Sabadell Financial Center in Miami’s Brickell district for $274.4 million — the largest office transaction recorded in South Florida this year.
Ponte Gadea, Ortega’s investment firm, purchased the 30-story, 524,000-square-foot tower at 1111 Brickell Avenue, a flagship address in Miami’s financial corridor. The property, initially developed in 2000 as part of a mixed-use project alongside the JW Marriott Miami, has long been considered one of Brickell’s signature Class A office buildings.
Public records showed no financing associated with the transaction, signaling that the deal was completed entirely in cash. This strategy has become increasingly common among high-net-worth buyers navigating today’s elevated interest-rate environment.
A Market That Slowed — But Never Stopped
The closing came at a time when South Florida’s office investment market had been moderating from the rapid clip seen during the post-pandemic surge. After peaking in 2021 with more than $2 billion in sales, annual transaction volume cooled amid tighter credit conditions and shifting lender sentiment.
Even so, trophy assets in core submarkets like Brickell continued to attract capital. Ortega’s acquisition surpassed other major office trades logged earlier in the year, including the sales of Las Olas Centre I & II and the Bank of America Plaza in downtown Fort Lauderdale.
Why Ponte Gadea Continued to Bet on Miami
The purchase reflected a broader push by Ortega to expand his global real-estate footprint throughout 2025. Fueled by record dividends from his retail holdings, Ponte Gadea deployed capital into top-tier properties across multiple continents.
In South Florida alone, the firm had already acquired Atlas Plaza in the Miami Design District and a high-end multifamily tower in downtown Fort Lauderdale. Overseas, Ponte Gadea added luxury hospitality and office properties in Paris and Barcelona and pursued a strategic investment in U.K. port infrastructure.
Industry analysts noted that buyers capable of closing all-cash deals often gained negotiating leverage, as sellers prioritized certainty amid a less forgiving financing landscape.
Significance for the South Florida Market
Ortega’s Brickell acquisition underscored two key trends:
- Global capital remained firmly interested in Miami, even as office fundamentals evolved.
- Well-located, institutional-grade assets continued to outperform, supported by sustained tenant demand in the region’s strongest submarkets.
Despite broader pressures on the office sector, Brickell’s Class A inventory remained one of the most resilient pockets in the Southeast.
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