The asset involved in this transaction is a 65-story office building located at 311 South Wacker Drive, Chicago, with a total square footage of approximately 1,300,000. It is currently under contract for a price of $70,000,000, translating to a price per square foot of $54. The property is situated in a market characterized by high vacancy rates and declining demand for office space.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $70,000,000
• Square Footage: 1,300,000
• Address: 311 South Wacker Drive
• Market: Chicago
• Buyer: John Murphy - Murphy Development Group; Gerald Kostelny - InSite Real Estate
• Seller: TIAA CREF & Morgan Stanley
• Brokers: Bruce Miller, Jaime Fink, Patrick Shields & Sam DiFrancesca - JLL
• Price per Square Foot: $54

A venture led by John Murphy of Murphy Development Group and Gerald Kostelny of InSite Real Estate is taking over the acquisition process. This transaction highlights strategic efforts to potentially redevelop the building into hotel or residential use as part of addressing the challenges posed by underperforming downtown office assets.