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-   -   CHICAGO | 301 & 321 S Wacker Drive | 2 x 775 FT | 2 x 49 FLOORS (https://skyscraperpage.com/forum/showthread.php?t=225692)

BVictor1 Nov 2, 2016 5:06 PM

CHICAGO | 301 & 321 S Wacker Drive | 2 x 775 FT | 2 x 49 FLOORS
 
http://www.chicagobusiness.com/reale...r-willis-tower

November 02, 2016
Twin office towers planned on Wacker Drive

By Ryan Ori


http://www.chicagobusiness.com/apps/...20161102113420

Quote:

A venture led by Chicago developer John Murphy is buying two Wacker Drive parcels near Willis Tower where it plans to build twin 48-story office buildings.

Murphy Development Group has a letter of intent to buy the parcels at 301 and 321 S. Wacker Drive from Oak Brook-based InSite Real Estate, Murphy said. He declined to disclose terms of the deal, which he said is expected to close before the end of the year.

Quote:

Murphy and investment partner Walsh Investment, an affiliate of Walsh Construction, plan to build 1.2 million-square-foot office buildings on each of the sites,

Quote:

The Wacker Drive sites are already zoned, and the proposed buildings have been designed by Kohn Pederson Fox Associates, the architecture firm that designed 311 S. Wacker. Each tower could be completed within two years of a signed lease, Murphy said.

BVictor1 Nov 2, 2016 5:17 PM

CHICAGO | 301 & 321 S. Wacker Drive | 2 x 48 FLOORS
 
http://www.chicagobusiness.com/reale...r-willis-tower

November 02, 2016
Twin office towers planned on Wacker Drive

By Ryan Ori

http://www.chicagobusiness.com/apps/...20161102113420

Quote:

A venture led by Chicago developer John Murphy is buying two Wacker Drive parcels near Willis Tower where it plans to build twin 48-story office buildings.

Murphy Development Group has a letter of intent to buy the parcels at 301 and 321 S. Wacker Drive from Oak Brook-based InSite Real Estate, Murphy said. He declined to disclose terms of the deal, which he said is expected to close before the end of the year.

Murphy and investment partner Walsh Investment, an affiliate of Walsh Construction, plan to build 1.2 million-square-foot office buildings on each of the sites, Murphy said. InSite, led by longtime developer Gerald Kostelny, will remain involved in the development after selling the West Loop land to the new venture, Murphy said.

The two-tower project is expected to cost more than $800 million, said Murphy, who said the venture has been in early talks with potential tenants that could kick off construction. The venture does not plan to build either tower on speculation, or without space leased in advance, Murphy said.

BVictor1 Nov 2, 2016 5:20 PM

Perhaps one of the moderators can edit the heading to look like the read of the Chicago threat titles.

As one might notice, I'm not used to starting new threads.

BrandonJXN Nov 2, 2016 5:21 PM

^ Interesting. I was down there yesterday wandering around 311 S. Wacker and remembered that there was supposed to be 2 more identical towers to 311 S. Wacker rotated inward. They were canceled in the 90s I believe. Funny how that happens.

ithakas Nov 2, 2016 5:24 PM

[QUOTE=BVictor1;7610501]http://www.chicagobusiness.com/reale...r-willis-tower

November 02, 2016
Twin office towers planned on Wacker Drive

Great news. A couple thoughts:

1. Is the first one to launch supposed to be the lot NW of 311 Wacker or SW? I hope it's the SW first, because...

2. I've always envisioned a building taller than 311 Wacker but shorter than Sears going in that NW space between 311 and Sears. It's always felt like the gap between those two buildings is just a tad too large in the skyline, like it's missing a piece, and something with an organic shape would be a great complement to the broad Sears and create a nice central cluster. Something like Adrian Smith's Clean Technology Tower (http://smithgill.com/work/clean_technology_tower_1/) or maybe Gensler's Salesforce...

3. Would like to see one be mixed-use to further encourage the development of the Loop as more than just office, but can't complain with Riverline going in and the old office building across from 235 Van Buren being converted to residential, I suppose...

TimeAgain Nov 2, 2016 5:35 PM

Exciting, but until they get actual leases going, I won't get my hopes up.

SamInTheLoop Nov 2, 2016 5:46 PM

^^ I agree with the mixed-use angle. I've always felt that this next S Wacker drive cluster of towers to go up should perhaps primarily be office, but should also include hotel and residential, and in doing so would also make a nice transition to 235/Riverline/Printer's Row, etc.....

Regardless, great news that these sites have a new owner that has rapidly become a major development/redevelopment player downtown this cycle, and should bring some much-needed energy to efforts to get some new development started at the South end of Wacker.

Encouraging that they've engaged a highly competent and experienced architect for office towers.

After the NW corner of the Loop (150, RP, 151, 130, GG), the (not W of expressway - mindlessly follow Google/hipsters, folks) South end of Wacker is the next concentration of major office development downtown.....as in addition to these towers, there is also a site at 401 S Wacker for a large tower......

sentinel Nov 2, 2016 6:05 PM

Boom! Continues...

November 02, 2016
Twin office towers planned on Wacker Drive

By RYAN ORI

http://www.chicagobusiness.com/apps/...20161102125644

"A venture led by Chicago developer John Murphy is buying two Wacker Drive parcels near Willis Tower where it plans to build twin 48-story office buildings.

Murphy Development Group has a letter of intent to buy the parcels at 301 and 321 S. Wacker Drive from Oak Brook-based InSite Real Estate, Murphy said. He declined to disclose terms of the deal, which he said is expected to close before the end of the year..."

http://www.chicagobusiness.com/reale...r-willis-tower

The article indicates that the architect is Kohn Peterson Fox.

ithakas Nov 2, 2016 6:09 PM

[QUOTE=sentinel;7610578]Boom! Continues...

Thanks for posting! BVic got to it a little while ago, and there's already a separate thread.

It's not tagged with Chicago yet, so the discussion's at Highrise & Supertall Proposals. I think we have quite a few threads lost over there without the Chicago tag at this point, if anything can be done (1326 Michigan, Union Station, etc.)...

maru2501 Nov 2, 2016 6:40 PM

why always with the attempted twins down there

the urban politician Nov 2, 2016 7:10 PM

Nice but we have other office proposals still lingering without signed anchors nor financing. Kind of ho hum until there is reason to believe it will move forward. Even 130 N Franklin seems to be running in place

sentinel Nov 2, 2016 7:10 PM

Oops, didn't see this until now - thanks BVic and Steely!

SamInTheLoop Nov 2, 2016 7:29 PM

Quote:

Originally Posted by the urban politician (Post 7610667)
Nice but we have other office proposals still lingering without signed anchors nor financing. Kind of ho hum until there is reason to believe it will move forward. Even 130 N Franklin seems to be running in place


No doubt.....this proposal may not come to fruition until next cycle potentially - or this particular scheme may never actually happen.......nonetheless, the fact that these parcels are now controlled by a credible developer with an apparently real development plan is indeed meaningful.....

Steely Dan Nov 2, 2016 7:33 PM

Quote:

Originally Posted by SamInTheLoop (Post 7610693)
this proposal may not come to fruition until next cycle potentially - or this particular scheme may never actually happen.......

or the third option, one of the twins gets built now and the other never comes to fruition.

sentinel Nov 2, 2016 7:56 PM

^^ That's exactly what happened with 311 S. Wacker, no?

emathias Nov 2, 2016 7:59 PM

Quote:

Originally Posted by Steely Dan (Post 7610698)
or the third option, one of the twins gets built now and the other never comes to fruition.

That seems most likely. I mean, originally it was to be a trio of identical towers and only one was built. Now it's a pair of new identical towers, and seems likely only one will get built. 161 N Clark was supposed to have 181 N Clark to pair with it, never happened. 540 W Madison was supposed to have a mirror image tower, never happened.

aaron38 Nov 2, 2016 8:23 PM

Hopefully they do SW first so that if the second fizzles, we're left with a park/plaza and not a parking lot. Which wouldn't be that bad. But it'll probably be the opposite.

k1052 Nov 2, 2016 11:42 PM

I think it's pretty questionable how much demand there will be for both office towers in this location. They may be able to land an anchor tenant or two but not if a very similar structure is planned to go up on the same block from the same developer. Willing to bet one of the sites changes programming to hotel/resi or combo.

KWILLSKYLINE Nov 3, 2016 2:57 PM

Am I missing somthing? Where's the "twin" in the picture. It looks like one building.

BVictor1 Nov 3, 2016 7:59 PM

Quote:

Originally Posted by KWILLSKYLINE (Post 7611554)
Am I missing somthing? Where's the "twin" in the picture. It looks like one building.

The twin would go to the north of the structure you see.


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