Property Size (SF)
± 2.4 million square feet (± 1.4
million square feet per tower)
Typical Floor
27,000 rentable square feet
Market Status
Under Development
^^^
„Chicago developer John Murphy could provide the next local test case for office skyscrapers. He’s planning a pair of 50-plus-story towers at 301 and 321 S. Wacker Drive, just south of Willis Tower.“
311 South Wacker Drive skyscraper might be torn down. It’s a relatively young tower.
What!!! If anything they should build the other two towers that were planned
I can’t read the realdeal article (paywall).
I suspect that this statement can be used to convert this building to residential use.
Tearing down the building would be a loss for the skyline, but the property (next to the Sears Tower) would become one of the most expensive in the Midwest. Okay, the demolition would be quite expensive and you would need a buyer or a big plan of what to build here.
In view of the demand, I could only imagine a conversion into living space at tax expense. I’m imagining the Chicago skyline without this building, no please. I could also say destroy the BNY Mellon Center in Philadelphia (please don’t take it seriously) in comparison.
The CoStar article doesn’t appear to be paywalled.
I think demolition of this tower is highly unlikely:
Many Chicago real estate professionals view demolition as the least likely path.
“In reality, given the lay of the land in Chicago and where we are in the U.S. economy, no they’re not going to knock down the building,” said veteran Chicago developer J. Paul Beitler, who is not involved in the project.
“It makes no economic sense,” Beitler said. “The cost is prohibitive. At some point, the cost of doing it becomes too much just for the land.”
source: News | Will this Chicago office sale lead to world’s tallest teardown?
One of Chicago’s tallest skyscrapers has been sold for $45 million, a fraction of what the previous owners paid, ending a yearslong effort to find a buyer for the high-vacancy, 65-story office property.
Long Island firm Kohan Retail Investment Group completed the purchase late last week of the tower at 311 S. Wacker Drive, founder Mike Kohan confirmed.
Kohan declined to comment on the price that people familiar with the deal said was $45 million. That is a far cry from the more than $302 million that Chicago’s Zeller Realty Group and Chinese investment partner Cindat Capital Management paid during soaring values in 2014.
Kohan also declined to comment to CoStar News regarding plans for the approximately 1.3 million-square-foot tower. He told Crain’s Chicago Business that he plans to focus on leasing up large blocks of vacant office space rather than pursuing a partial or full conversion to other uses such as residential or hotel as other potential buyers had considered.
