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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