Spanish Billionaire buys Miami’s iconic Southeast Financial Center for $500 million

Spanish Billionaire buys Miami’s iconic Southeast Financial Center for $500 million

Buying a whole block on Miami Beach’s Lincoln Road simply wasn’t enough for Spanish billionaire Amancio Ortega.

The Zara owner has yet again smashed a Miami record with the $500 million purchase of downtown’s Southeast Financial Center, an iconic office building that seller JPMorgan Asset Management began shopping around earlier this year.

In a single deal, Ortega has closed on the largest commercial purchase in Miami this year, blowing past the previous high set by Sumitomo Corp. in May when the Japanese conglomerate burst back onto the Florida real estate scene with its $220 million acquisition of the Miami Tower.

As first reported by the Daily Business Review, citing anonymous sources, Ortega’s purchase covers the 55-story tower and roughly two acres of land at 200 Biscayne Boulevard. Housing an expansive 1.225 million square feet of leasable offices, the sale breaks down to $408 per foot.

Commercial brokerage HFF was brought on in June to market the property. Requests for comment to the company, as well as JPMorgan, were not immediately returned.

Data from the CoStar Group shows the financial center is just below 88 percent occupied with asking rents ranging from $22 to $47 per square foot — some of the highest in downtown. It boasts a host of coveted tenants ranging from law firms to financial groups, the largest of which is attorney group Shutts & Bowen with 69,155 square feet.

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