Dec. 04--Monaco-based developer Bill Davies has decided to put Chicago's old post office building up for sale, a spokeswoman for his broker confirmed Thursday.
Angela Bonnici of Savills Studley said a formal announcement will be made next week and that Davies has decided to sell the building or participate in a joint venture.
Only one of those two options for the 12.6-acre site, which straddles the Eisenhower Expressway, is new. Davies already has attempted a joint venture with prominent Chicago developer Sterling Bay, which fell apart in October in a dispute over control and the inability to land a large anchor tenant, a headquarters for suburban Walgreen Co.
The news of Davies' interest in a sale was first reported by Crain's Chicago Business.
The property, which serves as the western gateway to the Loop, has been vacant since the mid-1990s. It is 2.5 million square feet in size, making it one of the largest buildings in Chicago. Any new owner would also have to tackle asbestos removal.
Davies paid about $24 million for the property in 2009. Since then, downtown Chicago real estate has recovered and the West Loop has flourished as a residential, restaurant and nightlife corridor.
"My company and our team of consultants have worked long and hard, with full support from the Chicago City Council, to secure an excellent and innovative rezoning and a new planned development for the Old Post Office Site," Davies said in a statement.
mmharris@tribpub.com
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