[BVictor1]

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

November 02, 2016
Twin office towers planned on Wacker Drive

By Ryan Ori

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.