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Old Post Office Building Sold for $40 Million at Auction

Going, going, gone — for $40 million.

Chicago District—The former Chicago Main Post Office Building was sold for $40 million at a public auction today in Rosemont, IL. International Property Developers North America, Inc. submitted the winning bid of $40,000,000.00 after a spirited auction

The 2.7-million-square-foot building has been a downtown Chicago landmark since its completion in 1932. It was once the largest postal facility in the world, but had been vacant since 1996, when the Chicago Post Office, its processing plant and administrative offices moved into its current location across the street. Since then, the Postal Service had paid more than $2.5 million annually to maintain the building while working with real estate developers to find a new owner.

“We congratulate International Property Developers North America, Inc. on their winning bid and wish them the best of luck with the redevelopment of the property,” Tom Samra, Postal Service vice president, facilities, said. “We are very pleased with the openness and transparency of the entire auction process.”

“We are very pleased to have been the successful bidder at the open, competitive and spirited auction of the Chicago Post Office,” the company said in a statement. “We look forward to working with the United States Postal Service and the city to redevelop this iconic property.”

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An independent federal agency, the U.S. Postal Service is the only delivery service that reaches every address in the nation, 149 million residences, businesses and Post Office Boxes, six days a week. It has 34,000 retail locations and relies on the sale of postage, products and services, not tax dollars, to pay for operating expenses. Named the Most Trusted Government Agency five consecutive years by the Ponemon Institute, the Postal Service has annual revenue of $75 billion and delivers nearly half the world’s mail.