Network Admin links point incorrectly

Hello, I reviewed other topics that are similar but I still cannot resolve the issue.
I have a fresh install of WP 3.5 on localhost in its own directory. Before adding multisite, I ensured that I can browse the blog and use the admin. Using TwentyTwelve theme and the plugins are already deactivated. No problems.
Then I enabled multisite and set up the network, created the blogs.dir, updated the wp-config and .htaccess files with the content displayed in the process. Everything continues to work except the Network Admin links have the wrong path. Not sure how to fix this.

URL for blog: localhost/dev/owp
WP admin: localhost/dev/owp/wordpress/wp-admin
Network Admin links start with: localhost/dev/owp/wp-admin

my .htaccess file…

# BEGIN WordPress
<IfModule mod_rewrite.c>
RewriteEngine On
RewriteBase /dev/owp/
RewriteRule ^index\.php$ - [L]

# add a trailing slash to /wp-admin
RewriteRule ^([_0-9a-zA-Z-]+/)?wp-admin$ $1wp-admin/ [R=301,L]

RewriteCond %{REQUEST_FILENAME} -f [OR]
RewriteCond %{REQUEST_FILENAME} -d
RewriteRule ^ - [L]
RewriteRule ^([_0-9a-zA-Z-]+/)?(wp-(content|admin|includes).*) C:\xampp\htdocs\dev\owp\wordpress/$2 [L]
RewriteRule ^([_0-9a-zA-Z-]+/)?(.*\.php)$ C:\xampp\htdocs\dev\owp\wordpress/$2 [L]
RewriteRule . index.php [L]
</IfModule>
# END WordPress

I also tried setting ReWriteBase to /

network_admin_url() resolves to: http://localhost/dev/owp/wp-admin/network/
get_admin_url() resolves to: http://localhost/dev/owp/wordpress/wp-admin/

What could I be overlooking? Thanks in advance.