Vince Auricchio again joined the Chicago Association of REALTORS® Commercial Real Estate Forum for a Roundtable Networking Event & Reception at the beautifully renovated Old Chicago Main Post Office, a nine-story-tall building in downtown Chicago. Historically, the original building was built in 1921 and the structure was expanded greatly in 1932 in order to serve Chicago’s huge volume of postal business, swollen by the mail-order businesses of Montgomery Ward (the largest retailer in the United States at one point) and of Sears (its competitor).
After sitting vacant for two decades, the building was bought in 2014 by English real estate developer Bill Davies for $24 million at auction and Davies proposed an ambitious redevelopment plan that was never realized. On May 13, 2016, the building was sold by Davies and extensive renovations were undertaken by 601W; the building opened to office tenants in October 2019. Reportedly, in August 2019, Uber signed a 10-year lease to become the building’s largest tenant, occupying 463,000 square feet. Construction on the space to be utilized by Uber will begin in the spring of 2020. The structure was also to include new Chicago offices for Walgreens (occupying 200,000 square feet and housing 1,800 employees). PepsiCo was to relocate its Chicago office of 1,300 employees and occupy 192,000 square feet, while the Ferrara Candy Company announced that it was to relocate its headquarters to the Post Office building as well, occupying 77,000 square feet and bringing nearly 400 jobs. Finally, reports were that the Federal Home Loan Bank of Chicago will also be a tenant.
As for the networking and roundtable event, all participants were invited to select from a wide array of topics. Vince and his fellow attorneys networked and focused on learning more about: Changing Perceptions of Real Estate Auctions, Investing Where It Counts: Community CRE Investing, and Dealing With Regulators like the IDFPR. A truly informative experience and feel free to contact any of the attorneys with our office should you desire to learn more.
Auricchio Law Offices
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