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Irvine Company Sells Chicago Tower for $550M to Zara Founder
Irvine Company has sold the One North Wacker building to Ponte Gadea, the family investment firm of Amancio Ortega, the billionaire founder of fashion retailer Zara.
The 51-story office tower was acquired for approximately $550 million, reported Crain’s. The transaction includes the assumption of a $353 million CMBS loan that Irvine Company secured in 2021. Bryan Rosenberg of Eastdil Secured Savills brokered the sale.
The 1.4 million-square-foot property was completed in 2001 and is currently 94 percent occupied. The building was completed by The John Buck Company and sold in 2008 to a venture of Hines Interests for $540 million. Hines sold the property to Irvine Company through separate transactions in 2011 and 2015 for a total of $539 million.
In 2024, Irvine Company spent $10 million renovating the tower’s 17,000-square-foot amenity floor, with a lounge and coffee bar, a 4,600-square-foot conferencing center and an expansion of the fitness center.
