Almost anyone who has heard of Miami or has visited the city knows of Southeast Financial Center, one of the city’s most iconic buildings, even if not by its name. Whether it’s on a glossy postcard, in person, or on a poster, we’ve been graced by its presence ever since it was built back in 80’s.If you happen to be someone like myself, who works and plays in Downtown almost daily, you’ve probably walked past it or even been on one of its many halls. It has been the tallest office tower and was the tallest building in Miami for quite some time as well.
For these reasons and more, this is why I wasn’t surprised when I found out it sold for $500 million as the largest single building transaction in Miami history.
Sources indicate that the property’s buyer is a company linked to Zara founder Amancio Ortega. For Mr. Ortega, currently the 2nd richest man in the world according to Forbes magazine, this purchase stands as one of several acquisitions the has acquired in the area. Other deals linked to Mr. Ortega includes an entire block of Lincoln Road that was purchased last year for $370 million. At that time, it was a record setting deal justified by the rents and tenants that can be found on that section of South Beach. Nevertheless, this new deal easily surpasses last year’s.
$500 million to some may seem like a high price for a 30 year old building. Despite the age, it’s easy to admit how its location is easily one of the best in the area. Looking forward, the sale of Southeast Financial Center should serve as a display of Miami’s long term appeal.
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