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Another Old Main Post Office Deal Falls Through

Chicago
Another Old Main Post Office Deal Falls Through

The Old Main Post Office site will remain vacant for the foreseeable future: Owner Bill Davies nixed a $150M deal to sell the property to Gulf Resources Development & Investment.

Davies would have retained an ownership stake in the deal, and his cancellation only furthers the perception that Davies may be the main obstacle in the way of developing the 2.7M SF building at 433 W Van Buren. Davies previously was ready to partner with Sterling Bay on the site, but the two sides couldn't agree on a strategy.

Cushman & Wakefield vice chairman Jack McKinney Sr., who's been showing the building to prospective tenants, says Davies is looking to finance his own mixed-use conversion on the site. Other challenges are the building's low rise and the millions that are expected to go into rehabbing the structure. [Crain's]