CHICAGO—A lot of rumors have swirled around the eventual fate of the city’s old Main Post Office Building, but yesterday officials from Sterling Bay Companies said they would partner with owner Bill Davies, chair of International Property Developers North America, to redevelop the property. The partners envision that the first phase will cost $500 million and transform the hulking structure, which arches over the Eisenhower Expressway, into 2.7-million-square-feet of modern office space and retail amenities.

“This will be a total gut rehab, but we’ve been buying up a lot of older buildings like this and successfully filling them up,” Andy Gloor, managing principal of Sterling, tells, and that experience has allowed the company to gauge the level and type of demand in the submarket. The building’s vintage character will make it appealing to a host of companies looking for downtown space, and the massive floor plates will serve the needs of large users.

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