A single buyer sets this print; the square footage basis decides what the $393 means.
Pontegadea Investments, the family office of Inditex founder Amancio Ortega, is buying One North Wacker Drive in Chicago for about $550M (Commercial Real Estate Direct, Oct. 16).
The seller is Irvine Co. The 51-story tower is about 1.5M SF, and the reported price works out to nearly $393 per SF.
The two inputs do not reconcile. $550M over 1.5M SF is about $367 per SF (derived), while $393 implies roughly 1.4M SF (derived). One figure is rounded or measured on a different basis.
Year built, occupancy, tenants, financing and the prior trade were not available.
The same day, the retail podium at Block 37 traded at $108 per SF. The assets are not comparable, but they price different parts of the Loop.
Implications: One buyer with no reported lender sets the print, so $393 is a data point on one investor's view, not a market-clearing price. Appraisers and lenders should get the rent roll, the loan and the square footage basis before applying it to other Loop towers.
Key Takeaways
- At $393 per SF, one family office is underwriting a tower, not the Loop.
- $550M over 1.5M SF is about $367 per SF (derived), not $393
- $393 per SF implies roughly 1.4M SF (derived)
- The buyer is a private family office, not a fund
Commercial Real Estate Direct, Chicago's One North Wacker Office Sells for $550Mln, Oct. 16, 2026
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