Pontegadea acquires Chicago office tower for $550 million

Pontegadea, the investment vehicle of Inditex founder Amancio Ortega, has acquired a 51-story office tower in Chicago’s financial district, known as the Loop. The property, located at 1 North Wacker Drive, was purchased from the Irvine Company for approximately $550 million (€490 million).

The transaction is noted as one of the largest office deals in the United States for 2026 and a significant sale in Chicago in recent years. The building is approximately 94% leased, with prominent tenants including PwC, UBS, Fitch Ratings, and the law firm Barnes & Thornburg.

The acquisition includes the assumption of a $353 million securitized mortgage originally contracted by Irvine Company in 2021. This loan carries a fixed interest rate of 2.71% and matures in 2031. This purchase expands Ortega’s existing real estate portfolio in Chicago, which already includes residential properties, commercial spaces on North Michigan Avenue, and the Eurostars Magnificent Mile hotel.