Sale Completes on Chicago's Old Post Office
Chicago, IL (May 19, 2016)  

International Property Developers North America (IPDNA), represented by Savills, has completed the sale of the Old Post Office on Van Buren Street, Chicago and adjacent sites to New York-based investment group 601W Companies for a net price of $130 million. 601W Companies was represented by HFF.

The 2.7 million-square-foot (250,830 sq m) heritage building was acquired by IPDNA in 2009. Detailed planning entitlements, designed by eminent Chicago architects Antunovich Associates, incorporating an additional 7.5 million-square-foot (696,750 sq m) were obtained from the City Council in 2013. Since then, IPDNA has researched the optimum uses for the Old Post Office and the adjoining sites fronting the Chicago River.

Richard Sykes, consultant at Savills, comments: “The Old Post Office in Chicago is an iconic property that is an integral part of the city’s history. Following a complex sales process, we are delighted to have now successfully completed the transaction and found a buyer who has strong experience in repositioning trophy office assets across the US.”

Executive Managing Director Lisa Davidson and Senior Vice President Tiffany Winne of Savills Studley in Chicago assisted in the transaction, along with Charles Hubbard from Matthews & Goodman in Liverpool.

About Savills Studley

Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 28 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.

The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals and over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).

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