Chicago, IL. Nixon Peabody advised JPMorgan and Carlisle Tax Credits Advisors on their investment in the $1B rehabilitation of Chicago’s landmark Old Post Office.
Chicago’s Old Post Office sat unoccupied for nearly a quarter-century until it was acquired in 2016 by New York City–based developer 601W Companies. JPMorgan and Carlisle, under the counsel of Nixon Peabody, provided a total equity investment of $179M for $196M in historic tax credits towards the building’s rehabilitation and renovation, with a total project budget of over $1B.
Renovations to the art deco building will include commercial offices, a food hall on the first floor, common areas for visitors and tenants, a quarter-mile running track, and a rooftop deck, among others. Situated in the southwest area of downtown Chicago, the Old Post Office sits along the Chicago River’s west edge and straddles the Eisenhower Expressway, allowing traffic to pass through it.
“It was an honor working with JPMorgan and Carlisle to help rehabilitate such an iconic landmark building in downtown Chicago,” said Andrew H. Tripp, a partner in Nixon Peabody’s Community Development Finance practice. “Multiple developers have tried their hand at it over the years and couldn’t make it work, and now it’s another major catalyst for redevelopment in the West Loop.”
Nixon Peabody’s deal team also included Community Development Finance partners Scott Sergio and David Kavanaugh, and Affordable Housing and Real Estate partner Richard Ungaretti.