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Miami’s Largest Office Building officially off the market.
Amancio Ortega -the world’s second-richest man according to Forbes. Founder of over 7000 ‘Zara’ stores in the world wide since 1975. With over $10 Billion worth of properties in his portfolio one might start to wonder how to spend it. What do you even buy for the man that has it all? The biggest building in the biggest city, of course… Florida’s largest office tower to be exact. A recent sale occurred in the Miami real estate market of $500 million, making it the largest sale of any building in the history.
In total, Amancio Ortega has spent a bit over $870 million on Miami real estate in the past year alone. That is including a purchase last year for $370 million after buying out an entire block on Miami Beach’s Lincoln Road. This man did not come from a rich family, does not speak any foreign languages and did not complete a university degree, yet has become a key factor in today’s economy.
Ortega’s upbringings has brought lead him to a life that is the epitome of a true rags-to-riches tale. Growing up as the son of a poor railroad worker in Spain… Ortega came to eventually beat out even the likes of Warren Buffett on the wealth ranking as the richest person in Spain, his daughter, Sandra Ortega Mera, coming in as second. With that in mind it comes as no surprise that he would purchase a building that meets any billionaire’s commercial real estate criteria.
A quick look at this 55-story building… Coming in at 1.2 million square feet of Miami office rental space, the Southeast Financial Center purchase would break down to roughly $450 per square foot. The 1.22 million square foot building was valued at $365 million in 2008 when JPMorgan paid $185.5 million for 50 percent in holdings of all incoming commercial revenue.
TNM STAFF. “Worlds Second Richest Man Buys Miami’s Biggest Office Building.” Web blog post. Miami Real Estate. The Next Miami Company, 09 Dec. 2016.
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