- Amancio Ortega has purchased a 45-story Chicago apartment tower.
- Ortega, founder of Zara parent company Inditex, splashed out $232 million on the property.
- He also owns Meta’s Seattle HQ, the Haughwout Building in Manhattan, and Toronto’s Royal Bank Plaza.
Spain’s richest person Amancio Ortega, the founder of Zara parent company Inditex, has bought a $232 million Chicago apartment tower.
Pontegadea, Ortega’s family office, bought the 45-story 727 West Madison property, a company spokesperson told Insider. Multiple publications reported that the sale was listed in Cook County property records earlier this month. Insider could not immediately verify this.
The building has 492 studio, one-, two- and three-bedroom apartments ranging from 490 to 1,550 square feet. The property, just shy of 500 feet tall, has a sky lounge, media theatre, coffee bar, coworking space, and conference rooms. There’s a fitness center, yoga studio, outdoor pool and spa, dog park, and even a pet spa.
On the ground floor, there’s also a pilates studio, an AT&T Store, and a Chase Bank location.
Prices start at $2,166 a month for a studio, rising to $6,083 for the most expensive apartment available, a three-bed. The prices for penthouse apartments aren’t listed.
Ortega is the world’s 14th richest person, with an estimated net worth of around $75.2 billion, the Bloomberg Billionaires Index shows. That makes him richer than Charles Koch, Michael Dell, and the individual members of the Walton family, the descendants of Walmart’s founders.
Other properties Ortega owns through Pontegadea include Meta’s Seattle headquarters, the Haughwout Building in Manhattan, a number of other buildings in Chicago, and the Royal Bank Plaza in Toronto, which he bought last year for $916 million. The real-estate investment firm also has stakes in infrastructure companies, per Bloomberg.
Inditex had nearly 6,000 stores internationally as of late January. It recorded 32.6 billion euros, or about $352 billion, in the year to January 31.
Read the full article here