Under the deal, the state will get a $70 million up-front payment, while keeping 425,000 square feet of renovated office space in the Thompson Center.
Gov. JB Pritzker has finalized an agreement to sell the Thompson Center to a private developer for $70 million, in a bid to preserve the iconic 17-story building designed by the late architect Helmut Jahn.
Under the deal, the state will get a $70 million up-front payment from JRTC Holdings, while keeping approximately 30% ownership of the building, and 425,000 square feet of renovated office space in the Thompson Center. The redevelopment plan for the building is expected to result in thousands of construction jobs; as well as new property tax revenue for Cook County, the city of Chicago, and its sister agencies.
With its single-paned glass walls providing insufficient insulation in summer and winter, the Thompson Center costs taxpayers a fortune to heat and cool.
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Illinois inches closer to finalizing sale of Thompson CenterState officials announced progress Thursday in finalizing the sale of the James R. Thompson Center in the Loop.
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State agrees to deal to sell, then buy back space in Thompson Center, which new owners say they’ll renovateThe state finalized a deal to sell the Thompson Center for $70 million and then buy back about one-third of it for more than double that amount.
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