CHICAGO--(BUSINESS WIRE)--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.
