March 18, 2016
The saga of Chicago’s abandoned Old Main post office continues.
The property’s British owner, developer Bill Davies, has announced a deal to sell the 2.5-million-square-foot abandoned asset to 601W Cos. in New York, who owns the Aon Center and Prudential Plaza on East Randolph Street.
The shuttered post office at 433 W. Van Buren St. has been a bone of contention between the city of Chicago and Davies, due to long-stalled redevelopment. The city threatened in February to use eminent domain laws to seize the property. Chicago’s mayor Rahm Emanuel is continuing with the plan to seize the property, and is searching out developers until officials are certain a sale is pending.
The transaction is being brokered by Savills Studley, and Savills’ consultant Richard Sykes says the deal could close within the next 90 days.