State begins talks with developer over sale of Thompson Center – NBC Chicago
Illinois officials have entered negotiations with a development group to sell the James R. Thompson Center for $ 70 million upfront, Governor JB Pritzker said on Wednesday.
Longtime developer Michael Reschke, who heads The Prime Group, will lead the development of the 17-story building that houses the offices of Pritzker and other state leaders. The group plans to keep the design of the 17-story curved glass structure in downtown Chicago.
The state plans to keep offices in the building. Some agencies have already moved into a building in the city’s West Loop.
Reschke expects the sale to close within six months and renovations to begin within a year.
State officials have tried for years to sell the building, which is expensive to maintain and requires hundreds of millions of dollars to repair.
The Thompson Center opened in 1985 and was designed by famous architect Helmut Jahn, who died in May.
State officials said the move is helping Illinois be more efficient and saving taxpayers more than $ 800 million.
“This strategic public-private partnership allows us to maintain a smaller presence in the property while partnering with an established development team to transfer significant financial risk and responsibility for much needed capital improvements to the James R. Thompson Center. “Janel Forde, director of the central management services department, said in a statement.