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, whohas invested $20 million so far on eight downtown fixer-upper,revenue-producing properties, has 30 days to complete his duediligence on the contract. Closing is set for early first quarter2001. Terms and price are still being negotiated but constructionindustry sources tell GlobeSt.com a comparable 66,000-sf, class Aasset couldn't be erected today for less than $9.9 million or $150per sf.
"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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