Spanish investor pays $517m for Miami office tower

Ponte Gadea Biscayne, an affiliate of Spain-based Ponte Gadea, has acquired the downtown Miami office tower located at 200 S. Biscayne Blvd. for approximately $517 million. The transaction is believed to be the largest commercial purchase in Miami this year.

The seller was the JPMCB Strategic Property Fund, managed by JPMorgan Asset Management – Global Real Assets, which purchased the property in 2008 for approximately $365 million. The core, open-end fund put the two-building property up for sale in May.

The 1.2 million-square-foot property, also known as Southeast Financial Center, comprises a 55-story tower and a 15-story building. The tower, which is the second-tallest structure in Florida, has ground-floor retail space, a gym and a parking garage. It is approximately 80 percent occupied. Tenants in the property’s retail component include Zest Restaurant and FedEx Office Ship Center.

Ponte Gadea is owned by Spanish billionaire Amancio