Transactions - SEPTEMBER 17, 2015

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Middle Eastern developer eyes Chicago office

by Andrea Waitrovich

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

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