Publications

Transactions

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

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

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?