Thursday, January 26, 2023

Amancio Ortega buys a luxury residential skyscraper in Seattle for 304 million

Pontegadia continues its unwavering commitment to the real estate market in the United States. The group owned by Inditex founder Amancio Ortega has entered into an agreement to buy a luxury housing skyscraper in Seattle, as confirmed by the group. It will pay $323 million (about 304 million euros at current exchange rates) for the Kiara Building, a 40-story, 133-meter-tall tower that will house 461 apartments and was completed in 2018. It is the first skyscraper in the South. The neighborhood is one of the few tall buildings outside Lake Union and downtown Seattle, although it is not far from it.

The tower is near the headquarters of e-commerce giant Amazon, which paved the way for the businessman’s real estate investments in the city. Pontegadia Inmobiliaria reached an agreement, which closed in early 2019, to purchase part of Amazon’s headquarters in Seattle (United States) for approximately $740 million. That same year, it acquired an office complex in Seattle for $415 million that is a tenant of technology company Facebook.

The United States has become the main focus of Amancio Ortega’s real estate investments in recent years. Last October, the Inditex founder’s investment company closed the purchase of a rental residential skyscraper at 19 Dutch Street in the heart of Manhattan for $487.5 million. The Seattle operation is another step into the residential real estate sector. Until the purchase of the New York skyscraper, Ortega had always preferred office or commercial buildings.

Seattle Tower consists of 461 homes of various sizes. The largest, a 3,000-square-foot penthouse, was renting for about $20,000 a month when it hit the market two years ago. It features studios and two- and three-bedroom apartments, with prices starting at over $2,000 for the smallest apartments. Renting a 200-square-meter three-bedroom apartment on one of the highest floors costs just over $13,000.

The roof of the apartment building purchased by Amancio Ortega in Seattle in an image from the developer’s website.

One of the jewels of the building is its 41st-floor rooftop barbeque, dining room, lounge, outdoor seating, and spectacular views of Seattle. It will include a gym, a business center, meeting rooms, a game room, a lobby for residents with a cafeteria, closets and cold rooms for packages, entertainment space and a play area for dogs, among other services, according to the website. According to Promotion Girl.

The building has a car park with 374 spaces, charging stations for electric vehicles, approximately 200 spaces for bicycles, and leisure spaces such as outdoor porches and a roof terrace. The Zocalo has a commercial complex of 1,400 square meters.

The developer, Holland Partners Group, hired the architecture firm Weber Thompson to design a building that blends the neighborhood’s industrial origins (as seen in the six-story brick plinth) and high-tech future (as seen in the glass exterior). seen in) will reflect both. Tower).

Amancio Ortega this summer closed the block purchase of seven logistics centers from leading companies for $905 million. These are strategically located distribution properties that have long-term rental contracts with major companies: Amazon, FedEx TJX, Home Depot and Nestlé. When negotiated as a whole, this is the largest operation—in real estate or any other sector—ever undertaken by Ortega’s patriarchal society. These logistics investments are in six states: Texas, Pennsylvania, Wisconsin, South Carolina, Virginia and Tennessee.

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