Old Main Post Office sold to original winner.
By Andrew Schroedter, Oct. 21, 2009
(Crain’s) — English developer Bill Davies has completed his acquisition of Chicago’s Old Main Post Office, roughly two months after he agreed to pay $40 million for the property at auction.
Sources say Mr. Davies renegotiated a lower price for the nearly 3-million-square-foot structure that straddles Congress Parkway downtown at 433 W. Van Buren St. But that new amount could not be determined.
The deal closed today.
“We are excited that this historic landmark now enters the redevelopment phase, and we look forward to seeing it contribute to the growth and vitality of downtown Chicago after many years of vacancy,” Tom Samra, the Postal Service’s vice-president of facilities, said in a statement. “We wish the new owners of this property the best of luck in their efforts….”