Following last July’s unanimous approval of the rezoning plans by the
Chicago Plan Commission and the City Council,Sterling Bay
Companies and International Property Developers North America (IPDNA)
today announced the formation of a strategic partnership that will
leverage the Chicago–based real estate investment and development
company’s expertise to redevelop Chicago’s historic Old Post Office.
“We are very excited to partner with IPDNA and serve as the development
partner on such a high profile project,” said Sterling Bay Companies’
Managing Principal Andy Gloor.
According to IPDNA Chairman Bill Davies, Sterling Bay was a clear choice
to launch the project and make it come to fruition. “Sterling Bay has
had great success transforming large, underutilized properties into
highly desirable office destinations. The firm has played a significant
role in transforming Chicago’s West Loop, and we feel that their
knowledge of the city and current market trends will lead us to initiate
the first phase of one of the most notable projects in Chicago in the
last 50 years.”
Sterling Bay and IPDNA will embark on an approximately $500 million
dollar first phase renovation project to convert the vacant historic
structure into a high-end, mixed-use development. When complete, the Old
Post Office will boast more than 2.7 million square feet of office space
and retail amenities. Later phases will be brought forward in respect of
the new, and radically modern, approved river fronting development
including further retail, hotel, residential and leisure accommodation.
Said Gloor, “There are very few, if any, properties today that can
accommodate corporate users looking for large, open floor plates, and/or
tech companies looking for creative, non-traditional work space. We feel
we are in an excellent position to capitalize on this growing demand.”
Redevelopment of the Old Post Office is the next logical step for the
firm that specializes in repositioning properties in emerging locations.
In the last several years, Sterling Bay has breathed life into the Near
West Side, redeveloping 111 North Canal, 400 South Jefferson, and 1000
West Fulton, giving traditional corporations and young tech companies
alike new options for their business address. Companies such as Google,
Twitter, GoGo, Hillshire Brands, SAP, IDEO and Uber continue to flock to
their properties thus confirming Sterling Bay’s reputation as a user
friendly and savvy developer.
About Sterling Bay Companies
Founded in 1986, Sterling Bay companies is a real estate investment and
development company with expertise in the construction, leasing and
management of commercial properties. For more information about Sterling
Bay Companies please visit www.sterlingbay.com.
Source: Sterling Bay Companies