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British Developer Backs Out of Post Office Sale

By Anthonia Akitunde in News on Oct 11, 2009 6:30PM

A British developer will not buy the massive $40 million Chicago post office he won the rights to purchase, Chicago Breaking News reports.

Bill Davies won the rights to the historic building, which is located on West Van Buren Street and stands over the Eisenhower Expressway, during an auction in late August. Although the deal was set to close Sept. 30, Davies decided not to sign the contract after an hours-long discussion with the title company's office over "disagreement on 'certain key issues,'" the report said. Davis had until Saturday to "close the deal."

The building is between the size of McCormick Place and Willis Tower and has been vacant since 1995, according to the report. Moving forward, the U.S. Postal Service has two options: giving the right to purchase to the auction's runner-up Nathaniel Hsieh or holding another auction. The agency will release a statement with more information on Tuesday. [Chicago Breaking News]