The owners of the 2.7 million-square-foot Old Post Office on Chicago’s Van Buren Street, International Property Developers North America (IPDNA), have sold the iconic property to New York-based investment group, 601W Companies. The price of the sale was undisclosed.
IPDNA purchased the heritage building in 2009. In 2013, the City Council released details of plans for an additional 7.5 million-square-feet, designed by eminent Chicago architects Antunovich Associates.
When determining alternative uses for the property, IPDNA instructed global real estate firm Savills in 2014 to seek a joint venture partner or purchaser. The 18-month program involved presentations in China, Japan, South Korea, Malaysia, the Middle East and Europe as well as throughout the USA and Canada.
In May 2015, 601W Companies expressed strong interest. And after lengthy and complex negotiations, the parties signed a contract of sale March 16, 2016.
601W has extensive holdings in Chicago with large acquisitions such as the 2.75 million-square-foot Aon Center, Prudential Center; 600 West Chicago; 111 West Jackson; Civic Opera Building; and 180 N. La Salle.
IPDNA was represented by Richard Sykes of Savills UK and Lisa Davidson and Tiffany Winne of Savills Studley. 601W was represented by Jaime Fink and Jeff Bramson of HFF.