Zara billionaire Ortega buys Chicago apartment tower for $232 million
Amancio Ortega, the billionaire founder of the Zara clothing chain, snapped up a luxury apartment building in Chicago for $232 million to add to his growing U.S. property portfolio.
Ortega’s family office Pontegadea acquired 727 West Madison from a joint venture of Ares Management and F&F Realty, a company spokesperson said.
The purchase adds the 45-story building with its 492 high-end apartments to a growing roster of Ortega-owned landmark U.S. properties, including Meta Platforms Inc.’s headquarters in Seattle and Manhattan’s Haughwout Building.
Armed with a $75 billion fortune founded on his controlling stake in Spanish clothes retailed Inditex SA, Ortega has accumulated a property portfolio valued last year at €18.1 billion ($19.7 billion).
Spain’s richest man spent about $1 billion in 2022 buying up U.S. warehouses as he diversifies beyond his traditional focus on landmark office and retail space.
News of the purchase of 727 West Madison was published earlier by The Real Deal.
Pontegadea also owns stakes in energy and telecom infrastructure operators and renewable power generators, including stakes in the Portuguese power and gas grid operator REN—Redes Energeticas Nacionais SGPS and in Spanish electricity transporter Redeia Corporacion SA.