The deal closed between Ponte Gadea, Ortega's real estate company, and JPMorgan Chase & Co. on Dec. 1. Ortega, known for his Zara apparel and accessories chain, is the second richest man in the world, according to Forbes.

The deal was the largest commercial real estate purchase in Miami-Dade County this year and followed Ortega's $370 million Lincoln Road acquisition in Miami Beach last year.

“This is a deal that is large for Florida and, in terms of size, it would be more typically seen in a market like New York,” Gifford said, adding he can count on one or two hands the number of U.S. office properties that have sold for more than $500 million this year.

At 200 S. Biscayne Blvd., the Southeast complex is comprised of a 55-story office tower and a 15-story annex building.

This article originally appeared in GlobeSt.com's sister publication, ALM's Daily Business Review. Click here to read the article in full.

MIAMI—When Spanish billionaire Amancio Ortega set his eyes on downtown Miami's iconic Southeast Financial Center, he hired CBRE Inc . to advise his company on what would become the largest single-asset transaction in Miami to date.

Tim Gifford, head of CBRE's Latin America capital advisers group, was chosen to represent the investor in his company's half-billion dollar buy.

CBRE won the assignment in September. Less than three months later, the $516.6 million deal shattered South Florida price records.

“On the Monopoly board, it'd be one of the best [properties] a person could own,” Gifford said of the office tower with expansive views of Biscayne Bay and beyond.

The deal closed between Ponte Gadea, Ortega's real estate company, and JPMorgan Chase & Co. on Dec. 1. Ortega, known for his Zara apparel and accessories chain, is the second richest man in the world, according to Forbes.

The deal was the largest commercial real estate purchase in Miami-Dade County this year and followed Ortega's $370 million Lincoln Road acquisition in Miami Beach last year.

“This is a deal that is large for Florida and, in terms of size, it would be more typically seen in a market like New York,” Gifford said, adding he can count on one or two hands the number of U.S. office properties that have sold for more than $500 million this year.

At 200 S. Biscayne Blvd., the Southeast complex is comprised of a 55-story office tower and a 15-story annex building.

This article originally appeared in GlobeSt.com's sister publication, ALM's Daily Business Review. Click here to read the article in full.