After being put on the market in July, the Southeast Financial Center has been purchased for $500 million, according to The Real Deal. 

The 55 story office tower in Downtown Miami was built in 1984 with 1.225 million square feet in office space. The Skidmore, Owings & Merrill designed tower was purchased by billionaire Armando Ortega, who owns the clothing chain Zara.

The iconic Miami Tower recently sold for $220 million earlier this year.

Update: The official sale price is $516.6 million