CHICAGO | 301 & 321 S Wacker Drive | 2 x 775 FT | 2 x 49 FLOORS

[hotwheels]

Twin 48-Storey Office Tower Complex in the Works for Downtown Chicago

A proposed twin-tower, 48-storey office complex to be designed by Kohn Pederson Fox Associates for local developer and CEO of MB Real Estate, John Murphy, is set to take up an entire block along 301-321 South Wacker Drive at the edge of the Chicago Loop financial district. With an estimated price tag of $800 million, the massive new development would bring a total of 2.4 million square feet of state-of-the-art office space to central Chicago, within steps of the iconic Willis (formerly Sears) Tower, on a parcel of land situated along the banks of the scenic Chicago River.

[munchymunch]

Dug this up on the developer's website. Don't think I've seen the second tower or the inside before. The website also lists a new height at 775'. I hope they actually go for some mixed-use here.

[Skyguy_7]

^New to me as well. Can anyone recall how long the website has listed Walsh as the Construction Company? That they list the GC obviously shows this project pretty serious. Not to mention it's a frequently updated website, as their cover page shows two new gems- 1326 S Michigan and Cook County Hosp.

[Zapatan]

I thought this was dead, awesome news!

[IrishIllini]

Is this actually happening? Surprised given the height. Very little chatter on it.

[RedCorsair87]

Looks good. Haven't looked at this one in awhile. Definitely in a hot area of the Loop, but I'll believe once its in the news.

[Randomguy34]

In an article about the OPO a month ago, Murphy Development said they're waiting for a anchor tenant to sign and then they'll start ground breaking. I'll try to dig up the article they were quoted

Edit: Found it! Dated 09-26-19

Just south of Willis Tower, Murphy Development Group is seeking anchor tenants to kick off construction of 50-story office towers alongside the existing 65-story skyscraper at 311 S. Wacker Drive.

“I don’t think it’s a matter of if, it’s a matter of when,” company chairman and CEO John Murphy said of his firm’s office proposals panning out. “The post office is a real game changer for that part of the Loop.”

There are also plans for a seperate tower south of 301/321 S. Wacker

South of there, Development Resources for years has sought tenants for a planned office building on a lot it owns at 401 S. Wacker Drive.

https://www.chicagotribune.com/colum...fre-story.html

[Handro]

Apparently this still has legs and VERY hopeful planning for a fall 2021 ground breaking, according to someone I know with a major Chicago construction company. They submitted a proposal for site logistics/schedule last week.

[ChiPlanner]

Originally Posted by Handro

Apparently this still has legs and VERY hopeful planning for a fall 2021 ground breaking, according to someone I know with a major Chicago construction company. They submitted a proposal for site logistics/schedule last week.

I've heard very concrete rumors as well- this should be at city meetings in the next few months.

[CrazyCres]

Has anything big changed, height, design, etc?

[DCReid]

Twins might be a challenge in this environment. I think they have been planning to build since the 311 S. Wacker.

[DCReid]

I thought I saw some article that 311 S. Wacker (the building behind and next to Willis) was supposed to have a twin that was never built, but I can't find the article.

[Zapatan]

Originally Posted by DCReid

I thought I saw some article that 311 S. Wacker (the building behind and next to Willis) was supposed to have a twin that was never built, but I can't find the article.

I think so, triplets even if I'm not mistaken. That would have been cool (or weird).

Good to know this is back on track potentially. Pretty boxy but sorta interesting at the same time.

[vexxed82]

I'm good at taking photos of architecture, but understanding its associated real estate is not my forte.

Can someone explain to me how/why developers are planning on building any new office towers in this environment? With all the new office space coming online (110, BMO, Salesforce, Post Office, etc.) and how our society has successfully (not in all cases, obviously) learned to work from home, what's the rush to build new office space before knowing what the future work environment will look like?

[Zapatan]

Originally Posted by vexxed82

I'm good at taking photos of architecture, but understanding its associated real estate is not my forte.

Can someone explain to me how/why developers are planning on building any new office towers in this environment? With all the new office space coming online (110, BMO, Salesforce, Post Office, etc.) and how our society has successfully (not in all cases, obviously) learned to work from home, what's the rush to build new office space before knowing what the future work environment will look like?

Most of those started the planning process well before covid hit, I suppose the developers also assume that this won't last forever and it'll be nice to have a shiny new office tower to move into when it's all over. Perhaps ego is also involved / having a trophy tower to show off . While working from home will be more popular I don't know if it'll completely reshape how people work entirely. A lot of companies want people on site and hate WFH.

This is just my guess, I too am surprised by how many office towers are going up. It's even crazier in NYC.

[pianowizard]

Originally Posted by Zapatan

Perhaps ego is also involved / having a trophy tower to show off

These would become the tallest twin buildings in the US, beating the 751' Time Warner Center in NYC. So yeah, ego is likely involved.

[ardecila]

Originally Posted by vexxed82

I'm good at taking photos of architecture, but understanding its associated real estate is not my forte.

Can someone explain to me how/why developers are planning on building any new office towers in this environment? With all the new office space coming online (110, BMO, Salesforce, Post Office, etc.) and how our society has successfully (not in all cases, obviously) learned to work from home, what's the rush to build new office space before knowing what the future work environment will look like?

In a competitive market like Chicago, every developer is looking for an advantage, or a *potential* advantage over rivals. If the office market starts to rebound, and if this developer is in position to break ground immediately, they have a huge advantage. Other developers will not be able to match this head start.

A groundbreaking in late 2021 is likely after the pandemic is effectively over, we should have widespread and available vaccinations by that time. It may be late enough for the developers to assess the office market and have enough information to pull the trigger or not. This only works if they already have their ducks in a row.

If you're skeptical the office market will actually rebound post-Covid, you're not alone... but in a properly functioning market there's always a few people who are betting against the conventional wisdom. Occasionally they strike it big.

[vexxed82]

Originally Posted by ardecila

In a competitive market like Chicago, every developer is looking for an advantage, or a *potential* advantage over rivals. If the office market starts to rebound, and if this developer is in position to break ground immediately, they have a huge advantage. Other developers will not be able to match this head start.

A groundbreaking in late 2021 is likely after the pandemic is effectively over, we should have widespread and available vaccinations by that time. It may be late enough for the developers to assess the office market and have enough information to pull the trigger or not. This only works if they already have their ducks in a row.

If you're skeptical the office market will actually rebound post-Covid, you're not alone... but in a properly functioning market there's always a few people who are betting against the conventional wisdom. Occasionally they strike it big.

I guess if I consider this a risky gamble, it makes much more sense. But with all of the new space that was slated to come online, filling just filling that office space in a post-COVID world seems like it would be a successful rebound in and of itself. Though I shouldn't complain. I'm all for building, so fingers crossed it moves forward.

[bhawk66]

Originally Posted by Zapatan

I think so, triplets even if I'm not mistaken. That would have been cool (or weird).

Good to know this is back on track potentially. Pretty boxy but sorta interesting at the same time.

Triplets is right. If you can see the "wings" on the back of the existing 311 S, that's where they were supposed to be attached to. Funny, now it's just assumed the building by itself was supposed to look like that. Kind of awkward in actuality, but forgivable.

[ithakas]

I hope the southern twin gets built first and something taller than 311 S. Wacker gets built on the northern lot (likely much later), purely for skyline gap-filling reasons.