Middle Eastern developer eyes Old Main Post Office
September 16, 2015

A Middle Eastern developer wants the next crack at the Old Main Post Office, a massive structure along the Chicago River that has stymied previous developers.

Gulf Resources Development & Investment, based in the United Arab Emirates, is working on a potential deal to buy the 2.7 million-square-foot West Loop building for about $150 million, according to people familiar with the deal.

Owner Bill Davies, a Liverpool native who now lives in Monaco, is expected to keep an ownership stake in the redevelopment of the building along Congress Parkway and the river if the deal is completed, according to sources...

Late last year, Davies hired Savills Studley, the U.S. affiliate of London-based Savills, to find a buyer or development partner for the 12.6-acre property. Davies bought the building for $24 million in 2009 and later added adjacent parcels of land.

“We've received multiple expressions of interest from a range of groups, domestic and international,” said Guy Benn, a New York-based director at Savills Studley. “There were two offers that were reviewed in detail by our client.”

He said the property is not under contract and declined to comment on GRDI's bid or other potential buyers.

Middle Eastern developer eyes Old Main Post Office

Related Stories

EB-5 Investment and the Impact on Commercial Real Estate
National Office Sector Report (Q2 2015)