Amancio Ortega, a Spanish billionaire and Zara founder, completed the acquisition of the 727 West Madison apartment building in Chicago from Ares Management, a global alternative investment manager, and F&F Realty, a real estate development company, for $232m. The 45-story building joins a growing list of Ortega-owned notable United States properties, including Meta’s headquarters in Seattle and Manhattan’s Haughwout building.