Amancio Ortega, the billionaire founder of the renowned Zara clothing chain, has expanded his US real estate portfolio with the acquisition of a luxury apartment building in Chicago for a substantial $232 million. This strategic investment was made through Ortega’s family office, Pontegadea, and involved the purchase of 727 West Madison from a joint venture between Ares Management and F&F Realty, as confirmed by a company spokesperson.
This acquisition adds the impressive 45-story building to Ortega’s growing collection of prominent US properties, which already includes Meta Platforms Inc.’s headquarters in Seattle and Manhattan’s iconic Haughwout Building.
The striking oval tower boasts a total of 492 high-end apartments, with rental rates ranging from approximately $2,200 per month for a studio to up to $6,000 for a spacious 3-bedroom unit.
In 2020, Jones Lang LaSalle was appointed to oversee the sale of this property located in the trendy West Loop neighborhood, home to Google’s Chicago offices. At the time, market expectations had set the property’s value at around $250 million, as reported by Crain’s Chicago Business.
Amancio Ortega’s fortune is estimated at $75 billion, according to the Bloomberg Billionaires Index, primarily derived from his controlling interest in the renowned Spanish clothing retailer, Inditex SA. Last year, Ortega significantly expanded his real estate holdings, which were valued at €18.1 billion ($19.7 billion).
The acquisition of 727 West Madison was initially reported by The Real Deal, highlighting Ortega’s ongoing commitment to strengthening his real estate portfolio. Additionally, Pontegadea holds interests in energy and telecommunications infrastructure operators, as well as renewable power generation companies, including stakes in Portuguese power and gas grid operator REN—Redes Energeticas Nacionais SGPS and Spanish electricity transporter Redeia Corporacion SA.
