Middle Eastern developer eyes Chicago office
Gulf Resources Development Investment, based in the United Arab Emirates, is in talks to purchase a stake in the Old Main Post Office in Chicago’s West Loop neighborhood. Real Capital Analytics estimates the total property valueto be $150 million.
Gulf Resources will own a partial interest in the industrial property while the seller, U.K. developer Sadler Management Services, will retain an interest. Sadler acquired the property in 2009 for $24 million.
The asset spans more than 2.7 million square feet along the Chicago River. Sadler Management Services has plans to redevelop the 12.6-acre site. In 2011, Sadler Management Services unveiled a $3.5 billion project for 16 million square feetof mixed-use development that included a 120-story skyscraper that would have been the tallest in the Western Hemisphere. The firm’s current plans were changed to a $2.4 billion project with 10 million square feet of new, mixed-use construction.
The firm formed a $300 millio