Amancio Ortega buys Southeast Financial Center for $500M
Miami: The US’ Southeast Financial Center
The latest deal for Amancio Ortega, Spanish billionaire and owner of Zara, broke a Miami sales record with a price tag of $500 million. The Southeast Financial Center located in Downtown Miami was closed as the largest commercial purchase this year, previously being held by Sumitomo Corp. in May when the Miami Tower was purchased for $220 million. Ortega began shopping earlier this year and purchased the building from JPMorgan Assest Management.
The financial center is just below 88 percent occupied as per data from the CoStar Group with some of the highest rents in downtown. Tenants range from law firms to financial groups and have rent prices between $22 to $47 per square foot.
This deal has reinforced the fact that Miami’s commercial real estate market is increasing to investors. Ortega has alone spent nearly $900 million over the past 12 months on properties located in Miami, including $370 million on his purchase on Lincoln Road.
The deal has still yet to hit public records, so it is not apparent if Ortega has taken financing for the purchase of Southeast Financial Center or not.