The Post Office anticipates owning about 15,000 sf for its dailyoperations. Kuhn will own the balance of the building, listed as ahistoric landmark by the city in 1989.
The Chicago-born Kuhn, who has invested $20 million so far oneight downtown fixer-upper, revenue-producing properties, has 30days to complete his due diligence on the contract. Closing is setfor early first quarter 2001. Terms and price are still beingnegotiated but construction industry sources tell GlobeSt.com acomparable 66,000-sf, class A asset couldn't be erected today forless than $9.9 million or $150 psf.
"It's a helluva deal," Carter & Associates-ONCOR vicepresident Tom Cook told GlobeSt.com. "And only somebody like Kuhncould pull it off." Cook is negotiating for the developer. WelshCos. represents the Postal Service.
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