Miami Office Landmark Sells for Over $500 Million

Dec 02, 2016 No Comments by

Downtown Miami’s landmark Southeast Financial Center has produced the largest commercial real estate deal of the year in South Florida.

The office tower traded for more than $500 million to a company tied to the family office of Spanish billionaire Amancio Ortega, who paid $370 million for an entire Lincoln Road block last year, sources said Friday.

The deal between financial giant JPMorgan Chase & Co. and Ortega, known for his Zara apparel and accessories chain, closed Thursday. The high-value trade means the tower’s 1.2 million square feet of office space sold for at least $417 per square foot.

Forbes pegs Ortega’s net worth at $72.2 billion, making him the second richest man in the world.

JPMorgan tapped HFF to market the property at 200 S. Biscayne Blvd. this summer.

The iconic tower was built in 1984 and designed by Skidmore Owings & Merrill, the global architectural firm behind the One World Trade Center in New York and All Aboard Florida‘s three stations under construction in South Florida. Its sawtooth upper facade facing Biscayne Bay leaves room for up to 16 corner offices per floor, which span an average of 22,000 square feet.

The building was previously owned by institutional investors advised by J.P. Morgan Asset Management-Global Real Assets. The group took full ownership of the property in late 2008 when it was known as the Wachovia Financial Center.

The Southeast Financial Center is the tallest office tower in Florida with 55 floors.

 

Source:  DBR

 

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Industry News, Miami-Dade County Office, Office
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