Posted Jan 13, 2025, 2:53 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,874
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https://www.costar.com/article/173154426...ice-sale-lead-to-worlds-tallest-teardown
Will this Chicago office sale lead to world’s tallest teardown?
Hines explores demolishing 65-story tower that the firm’s development partners agreed to buy
By Ryan Ori
CoStar News
January 12, 2025
Quote:
Chicago's real estate community is abuzz in recent days after word emerged that one of the city's tallest skyscrapers is set to sell for about $70 million, a steep discount from the last time it changed hands, although the object of their chatter is not primarily the sale price.
More tantalizing is the long-shot prospect that the sale of the 65-story office building could lead to the biggest voluntary demolition in world history, erasing a prominent part of the skyline.
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Quote:
One scenario for 311 S. Wacker would be working with Houston-based Hines to tear down the tower.
If it were to come to that, demolition crews would eliminate a 35-year-old building that has underperformed in the Chicago leasing market while creating a full-block parcel that eventually could include multiple new skyscrapers with well over 4 million square feet of space combined.
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