Zara founder Amancio Ortega buys 51-storey Chicago skyscraper for $550 million in major US real estate deal

Inditex SA owner Amancio Ortega paid about $550 million for a landmark Chicago tower, one of the biggest US office deals this year as the billionaire continues to expand his global portfolio of trophy real estate. His family office Pontegadea Inversiones SL acquired the 51-story One North Wacker in the city's business district, a spokesperson told Bloomberg after CoStar reported the deal. The offices are leased to companies including PwC, UBS Group AG and Fitch Ratings. The deal adds to Ortega's growing footprint in Chicago, where Pontegadea already owns a 492-unit residential tower bought in 2023, the former Esquire Theater building, a hotel and other properties. The Inditex founder, the world's 15th richest person, has built one of Europe's largest private real estate portfolios, spanning hotels, logistics warehouses, residential blocks and shopping centers around the world. Ortega has for years funneled the billions of euros he receives in dividends from Inditex into investments through Pontegadea, giving his family office an unusually large and steady pool of capital to deploy. He is set to receive a record €3.2 billion ($3.6 billion) from the fashion retailer in 2026 alone. Earlier this year, Pontegadea acquired Paris's Capital 8 office complex for about €850 million, its biggest property deal in Europe and the largest office transaction in continental Europe since 2022. His portfolio, valued at over €19 billion in 2024, spans beyond real estate, agreeing in 2025 to buy a 49% stake in UK port operator PD Ports and later joining a Macquarie Asset Management-led consortium to acquire Australian logistics group Qube Holdings Ltd. in a deal valued at about A$11.7 billion ($8.1 billion).