State Finalizes Deal To Sell Thompson Center

FILE – This April 8, 2003 file photo shows the James R. Thompson Center in Chicago. Illinois Gov. Bruce Rauner announced Tuesday, Oct. 13, 2015, he wants to hold a public auction to sell Thompson Center, which houses state government offices in downtown Chicago, calling the building “ineffective” and a “very wasteful, very inefficient use of space.” He said selling the building and moving state workers elsewhere could save the state between $6 million and $12 million annually. (AP Photo/M. Spencer Green)

The sale of the Thompson Center in Chicago is now finalized. Governor Pritzker’s office announced yesterday that the state has executed a purchase and sales agreement for the Thompson Center to JRTC Holdings, who plans to renovate the building. Under the deal, the state will get a 70-million-dollar up-front payment from JRTC Holdings, while retaining approximately 425-thousand square feet of newly renovated office space. The governor says the deal will save taxpayers 800-million-dollars. The sale and title transfer are expected to be completed this summer.