CHICAGO (AP) — Illinois officials have started negotiations with a development group to sell the James R. Thompson Center for $70 million up front, Gov. J.B. Pritzker said Wednesday.
Longtime developer Michael Reschke, who leads The Prime Group, will head development of the 17-story building that houses offices for Pritzker and other state leaders. The group plans to retain the design of the 17-story curved glass structure in downtown Chicago.
The state plans to keep some office space in the building. Some agencies have already moved to a building in the city's West Loop.
Reschke expects the sale to close within six months and renovations to start within a year.
State officials said the move allows Illinois to be more efficient and save taxpayers over $800 million.
“This strategic public-private partnership allows us to retain a smaller presence in the property while partnering with an established development team to transfer significant financial risk and responsibility for the much-needed capital improvements at the James R. Thompson Center to a third-party,” Janel Forde, director of the Department of Central Management Services, said in a statement.
Notes & References
“Illinois Buys Chicago Building for $73M to House Employees.” AP NEWS. Associated Press, January 31, 2021. https://apnews.com/article/illinois-chicago-e97cd37f53430cb1cc088ad882a8edc5. ↩︎
“Illinois Selling James R. Thompson Center in Chicago.” AP NEWS. Associated Press, May 3, 2021. https://apnews.com/article/illinois-chicago-government-and-politics-fd8aaa32ec4f57846ce8d659999567e0. ↩︎
“Famed German Architect Jahn Killed in Illinois Bike Accident.” AP NEWS. Associated Press, May 9, 2021. https://apnews.com/article/dc-wire-europe-illinois-accidents-c328988ac2a4b60ab863c9c588aea05d. ↩︎