Old Main Post Office sold to original winner

Chicago Business

Posted by Andrew Schroedter, Oct. 21, 2009

The city’s long vacant, former Main Post Office building will go to its original bidder, British investor Bill Davies, at a reduced price, the U.S. Postal Service announced today.

A source said the purchase price was about $17 million, less than half  of Davies’ original bid of $40 million.

The cash-strapped Postal Service needed to unload the building at 433 W. Van Buren, which straddles the Eisenhower Expy., so it auctioned off the 2.7-million-square-foot building on Aug. 27. Davies’ firm was the highest bidder in that auction, but had missed a previous deadline to close the deal.