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.
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