Pontegadea, the investment vehicle of Spanish businessman Amancio Ortega and founder of Zara, has purchased the Kiara skyscraper, a 40-floor apartment building located in Seattle, Wash.
The building was acquired for $393 million, Bloomberg News reported. Traditionally, the firm focuses on buying high-end office buildings and retail sites. This deal marks Pontegadea’s second acquisition of high-end residential real estate in the U.S., after agreeing to acquire a building in New York earlier in 2022.