Zara Founder Amancio Ortega in Contract to Buy Sabadell Financial Center in Brickell for $275M

Billionaire Amancio Ortega, the founder of global fashion empire Zara, is under contract to purchase the Sabadell Financial Center in Miami’s Brickell district for approximately $275 million. The 30-story office tower, located at 1111 Brickell Avenue, spans over 524,000 square feet and sits on a 1.8-acre parcel next to the JW Marriott. Built in 2000, the building is home to a branch of Banco Sabadell and is being sold by private equity giant KKR in partnership with Parkway. If finalized, this would mark the largest office sale in South Florida so far in 2025.

Ortega built his fortune through Inditex, the Spanish multinational retail conglomerate he founded in 1975. Inditex owns Zara, Massimo Dutti, Pull&Bear, Bershka, and several other prominent fashion brands. Ortega still owns about 59% of Inditex, a stake that generated approximately €3.1 billion in dividends for him this year. Rather than diversify into unrelated industries, Ortega has funneled much of his earnings into real estate through his investment arm, Pontegadea. The firm targets prime properties in major urban markets across the globe, with a focus on long-term value and stable income.

In recent years, South Florida has become a major focus for Pontegadea. Ortega’s local portfolio includes the Southeast Financial Center in Downtown Miami, acquired for $500 million in 2016; the Epic Hotel & Residences; a 16-story office building at 2701 South Le Jeune Road in Coral Gables; and a large retail block on Lincoln Road in Miami Beach. More recently, Ortega bought a 312,000-square-foot cold storage facility in Hialeah for $113 million in 2023, and last month closed on the 44-story Veneto Las Olas apartment tower in Fort Lauderdale for $165 million.

The pending acquisition of the Sabadell Financial Center comes at a time when many investors remain wary of the office sector due to rising vacancy rates and hybrid work trends. Yet Ortega’s purchase signals confidence in the long-term strength of Miami’s commercial real estate market, particularly in prime neighborhoods like Brickell. As one of the wealthiest individuals in the world, Ortega continues to expand his global property empire with a strategic eye toward trophy assets that generate consistent returns.

With this acquisition, Pontegadea further cements its position as a dominant player in South Florida real estate. Ortega’s approach—leveraging fashion industry profits to build a global real estate powerhouse—has proven remarkably successful. And Miami, with its growing financial sector and international appeal, remains a key piece of that strategy.