Zara Founder’s Family Office Acquires Chicago Office Tower for $550M

The 51-story office tower at 1 N. Wacker Drive in Chicago has been acquired by Amancio Ortega's family office, Ponte Gadea, for approximately $550M. Ortega, the founder of fashion retailer Zara, completed the deal with seller Irvine Co. on Tuesday. This transaction includes the assumption of a $353M CMBS loan that Irvine Co. secured in 2021.

This sale represents one of the most significant office deals across the U.S. in 2026, with only two larger full-building office trades reported nationally this year. In Chicago, it is the largest outright office sale since the Aon Center changed hands for $712M in 2015. The 1.4M SF property, completed in 2001, boasts a 94% occupancy rate with tenants such as PwC, UBS, and Fitch Ratings.

The acquisition highlights continued investor interest in prime office assets, even in a challenging capital markets environment. Irvine Co. had reportedly been marketing the property since January, and industry experts viewed the sale as a key test for top-tier assets with high rates and low vacancy. This marks Irvine Co.'s first exit from a Chicago property, though it retains ownership of two other trophy office towers in the city. For developers and investors, this deal provides a benchmark for valuation and liquidity in the current market.