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 in Downtown Miami, as reported in The Next Miami and The Daily Business Review.

Southeast Financial Center is comprised of two buildings - a 55 story Office Tower and a 15 story Annex Building of Class A office space. The Annex contains a Banking Hall, Health Club, Service Retail, 12 floors of parking, and the project's Central Plant.

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.

Read more at http://www.thenextmiami.com/worlds-second-richest-man-buys-miamis-biggest-office-building/?mc_cid=e2069b87d2&mc_eid=d68c24c7e6