Chicago's Old Post Office was purchased, at auction, for $40 million

Chicago's Old Post Office was purchased in late August, at auction, for $40 million by reclusive buyers known only as International Property Developers North America, Inc. Alderman Fioretti told the Chicago Tribune that he had met with the buyers, who proposed a mixed-use project.

The last developer with plans for the building had proposed demolishing a significant portion of the building's volume that spans the Eisenhower Expressway. However, the new purchasers took the property subject to a deed restriction that protects the lobby and exteriors, which presumably would rule out such massive changes by the new owner.