Amancio Ortega Of Ponte Gadea Acquires 1 N. Wacker Drive Office Tower For $550 Million
1 North Wacker Drive
$550,000,000
$392/SF
Building Size
1,400,000 SF
Asset Type
Office
Closing
Oct 14, 2026
About this deal
AI
The transaction involved the acquisition of a 51-story office tower located at 1 North Wacker Drive in Chicago, IL. The asset, which encompasses 1,400,000 square feet, sold for $550,000,000, translating to a price per square foot of $393. This office tower is currently 94% occupied and is noted as the largest outright office sale in Chicago since the Aon Center was sold for $712 million in 2015.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $550,000,000
- Buyer: Amancio Ortega - Ponte Gadea
- Seller: Donald Bren - Irvine Company
- Broker: Bryan Rosenberg - Eastdil Secured Savills
- Square Footage: 1,400,000
- Price per Square Foot: $393
Amancio Ortega’s family office, Ponte Gadea, completed the purchase from Irvine Company, which was represented by Donald Bren. Bryan Rosenberg acted as the broker for this transaction, highlighting the role of intermediaries in facilitating the deal.
On the Map
$550,000,000
$392/SF
Office
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Players
Chicago Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93