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proposed deal between Murphy Development Group, InSite Real Estate, and Hines could make history with the voluntary demolition of a 65-story office tower in Chicago's southwest Loop. The tower at 311 South Wacker Drive is under contract to be sold for $70 million, or $53 per square foot, significantly less than its original price of $230 per square foot when it was purchased in 2014.

    The building has struggled with a 39% vacancy rate and outdated design, making it less competitive in the evolving office market. Demolishing the structure would clear the way for multiple high-rises with over 4 million square feet of combined space. The cost of demolition is estimated to be tens of millions of dollars, potentially bringing the total investment to over $100 million.

    This potential demolition would surpass previous record-holders, including New York's former JPMorgan Chase building and Singapore's AXA Tower, which were also voluntarily torn down for redevelopment. Large-scale demolitions are becoming more common globally as aging office buildings require significant upgrades or are no longer viable for modern tenants or conversions.

    The real estate community is abuzz with the idea of redeveloping the southwest Loop, an area that has seen significant investment in recent years, including the redevelopment of the Old Post Office and plans for The 78, a $7 billion megadevelopment.