Fingers Crossed, Chicago’s Old Main Post Office is Sold
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Rendering of proposed redevelopment plan for Chicago’s Old Main Post Office
Chicago—Noting that the sale was “conditional”—make of that what you will—International Property Developers North America, the owner of Chicago’s Old Main Post Office complex, announced last week that the 2.7 million-square-foot property is to be acquired by 601W Cos., a New York–based investment group. The buyer reportedly “showed serious interest” last May 2015, and the parties executed a sale contract last week, “after lengthy and complex negotiations,” according to a prepared statement. The sale price was not disclosed.
IPDNA stated that after researching the optimum uses for the Old Post Office and the adjoining sites, in the southwest part of the Central Business District, on the Chicago River, it engaged global CRE firm Savills to seek a joint venture partner or a purchaser. The contract signed last week followed 18 months of presentations in the United States, Canada, China, Japan, South Korea, Malaysia, the Middle East and Europe…
