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Chicago & Midwest  + Downtown  + Apartments  |  August 22, 2023
Jasmine Kilman
By: Jasmine Kilman

European Billionaire Buys Apartment Tower for $232M

In one of the largest downtown Chicago deals in recent years, Spanish billionaire Amancio Ortega has purchased the nearly $232 million West Loop apartment tower at 727 W. Madison Street, reported Crain’s.

The fashion mogul’s real estate arm, investment firm Ponte Gadea USA, bought the 45-story building from its developers, a joint venture of Los Angeles-based Ares Management and Skokie-based F&F Realty, which completed the building in 2019. According to an industry source, Eastdil Secured acted as exclusive representation for the sellers in arranging the transaction.

Ponte Gadea USA invests in real estate on behalf of Ortega, the billionaire founder of the company behind the Zara retail clothing chain. Ortega owns 59% of Inditex, the world’s largest clothing retailer. Besides Zara, he owns Pull&Bear, Bershka, Massimo Dutti, and Stradivarius, among others.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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