Zara Founder Amancio Ortega Buys 45-Story Luxury Apartment Building In US For $232 Million

Spanish billionaire and Zara founder Amancio Ortega has recently purchased a luxury apartment building in Chicago for $232 million to add it to his burgeoning United States property holdings. According to a company spokesperson, Ortega’s family firm Pontegadea purchased 727 West Madison from an Ares Management and F&F Realty joint venture.

As per Bloomberg, the 45-story building joins a growing list of Ortega-owned notable United States properties, including Meta Platforms Inc.’s headquarters in Seattle and Manhattan’s Haughwout building. The distinctive round tower houses 492 high-end apartments, with monthly prices ranging from around $2,200 (approximately Rs 1,82,000) for a studio to $6,000 (about Rs 4,97,000) for a three-bedroom flat.

Jones Lang LaSalle Inc (JLL), a renowned provider of real estate and investment management services, was appointed in 2020 to sell the skyscraper in the trendy West Loop neighbourhood of Chicago, where Google has its headquarters. According to Crain’s Chicago Business, the sale was expected to earn $250 million at the time.

According to the Bloomberg Billionaires Index, the billionaire founder of the Zara clothing chain is worth $75 billion, mostly due to his majority share in Spanish clothing company Inditex SA. Amancio Ortega’s property holdings were assessed at €18.1 billion ($19.7 billion) last year, reports add.

Last year, Spain’s richest man spent nearly $1 billion buying up United States warehouses as he diversifies beyond his customary concentration on landmark office and retail space, reports state. Meanwhile, Pontegadea’s most recent acquisitions include a logistics hub 60 miles east of Los Angeles, a warehouse in the Netherlands, and an office building in central London. The Real Deal magazine has previously reported on the purchase of 727 West Madison.

Apart from all the purchases, Amancio Ortega’s family firm Pontegadea also has investments in energy and communication infrastructure providers as well as renewable energy sources, such as REN—Redes Energetics Nacionais SGPS, a Portuguese power and gas grid operator, and Redeia Corporacion SA, a Spanish electricity transporter.

On the other hand, Amancio Ortega’s private corporation Pontegadea stated in March that he purchased a premium residential complex with 120 flats for rent in Dublin, Ireland, for roughly 100 million euros ($108 million). It was Ortega’s firm’s first purchase outside of the United States, according to Pontegadea, and it was also part of the company’s plan to invest in a variety of real estate assets.

According to the building’s website, the Opus 6 Hanover Quay building is in the heart of Silicon Docks, Dublin’s commercial and technology hub, and provides luxury flats and townhouses for long-term rent.