World’s Second Richest Man Buys Miami’s Biggest Office Building

Amancio Ortega, the second richest man in the world, thinks Miami real estate is a good investment.

Ortega just closed on the purchase of Miami’s biggest office building, the Southeast Financial Center, according to the Daily Business Review.

The sale price is reported to be $500 million, which would make it the biggest sale of any building in the history of Miami.

In total, Ortega has spent at least $870 million on Miami real estate in the past year, including a $370 million purchase of Lincoln Road property last year.

The sales price of the 55-story Southeast Financial Center reflects Miami’s office market strength. The 1.22 million square foot building was last valued at $365 million in 2008, when JPMorgan paid $182.5 million for a 50 percent stake.

 

(photo: phillip pessar)