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.