{"id":363,"date":"2023-08-22T15:33:01","date_gmt":"2023-08-22T15:33:01","guid":{"rendered":"https:\/\/ventil.rs\/blog\/business\/zara-billionaire-ortega-buys-chicago-apartment-tower-for-232-million-times-of-india\/"},"modified":"2023-08-22T15:33:01","modified_gmt":"2023-08-22T15:33:01","slug":"zara-billionaire-ortega-buys-chicago-apartment-tower-for-232-million-times-of-india","status":"publish","type":"post","link":"https:\/\/ventil.rs\/blog\/business\/zara-billionaire-ortega-buys-chicago-apartment-tower-for-232-million-times-of-india\/","title":{"rendered":"Zara billionaire Ortega buys Chicago apartment tower for $232 million – Times of India"},"content":{"rendered":"


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Amancio Ortega<\/a>, the billionaire founder of the Zara clothing chain, snapped up a luxury apartment building in Chicago for $232 million to add to his growing US property portfolio.
Ortega\u2019s family office Pontegadea acquired 727 West Madison from a joint venture of Ares Management and F&F Realty, according to a company spokesperson.
The purchase adds the 45-story building to a growing roster of Ortega-owned landmark US properties including Meta Platforms Inc.\u2019s headquarters in Seattle and Manhattan\u2019s Haughwout Building.
The striking oval tower contains 492 high-end apartments, with rents from about $2,200 a month for a studio to up to $6,000 for a 3-bedroom unit.
Jones Lang LaSalle was hired in 2020 to sell the building in the trendy neighborhood of the West Loop, where Google has its Chicago offices. It was expected at the time to fetch $250 million, according to Crain\u2019s Chicago Business.
Ortega is worth $75 billion, according to the Bloomberg Billionaires Index, largely based on his controlling stake in Spanish clothing retailer Inditex SA. Ortega has accumulated a property portfolio valued last year at \u20ac18.1 billion ($19.7 billion).
Spain\u2019s richest man spent about $1 billion in 2022 buying up US warehouses as he diversifies beyond his traditional focus on landmark office and retail space. Some of Pontegadea\u2019s latests acquisitions include a logistics hub some 60 miles east of Los Angeles, a warehouse in the Netherlands and an office building in central London.
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 Portuguese power and gas grid operator REN\u2014Redes Energeticas Nacionais SGPS and in Spanish electricity transporter Redeia Corporacion SA.<\/div>\n