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CHICAGO-Either they are crazy, or the first shot of the new office cycle downtown has been fired. Dallas-based Trammell Crow Co. is joining with Oak Brook, IL-based Insite Real Estate LLC to build a one-million-square-foot office tower at 301 S. Wacker. Though there’s interest, there has been no tenant signed for the $350 million project, according to the venture.

More than a few Chicago office experts have predicted no new development even being announced until at least 2011 or 2012. However, Shaun Frankfort, senior managing director and head of Trammell’s Chicago business unit, says the building will be ready for a bloom in 2014 office demand. “When you build a new building in downtown, it’s more than just flipping on a light switch, it takes years of planning and construction and meetings. Our underwriting is based on three years, when we believe there will be demand,” he tells GlobeSt.com.

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