Chicago Auctions

Old Chicago post office sold for $40 million

The former main Chicago post office was built in 1921, with an addition in 1932. The Graham, Anderson, Probst and White-designed building looks almost as indestructible on the inside as it does to passersby. That is, except for the peeling paint, the falling dropped ceilings, the buckled wood floors and the dusty debris that's accumulated since the Postal Service relocated across Harrison Street. (Tribune photo by Antonio Perez / July 8, 2009) When we were kids, me and Sister-Sue would delight when mom and pop drove under this building on the way home from the train station.  It was the Second Wonder of the World (after the  fluoroscope shoe deal at Sears).  That it went for a mere $40 mil surprises me, since I would think the location alone is worth more.  The Merchandise Mart has 4 million sq. ft., and was purchased by Joe Kennedy for $12.5 mil in 1945 (without putting a cent down) and is currently valued at $917 million   Anyway, I set to thinking, what would I do with 2.7 million square feet of space in downtown Chicago, if it was magically deeded over to me?  After much thought, I decided I'd sell it for $40 million and leave Dodge. PS.  I know it was a public auction, but this is Chicago after all.  It'll be interesting to see who the new owners are, and what their connection to Obama is.  Oh, there will be a connection. C/R