State officials announced progress Thursday in finalizing the sale of the James R. Thompson Center in the Loop.
Last December, the state announced the selection of JRTC Holdings as the buyer of the building following the Request for Proposal process. The agreement would allow Illinois to retain roughly 425,000 square feet of office space in the building.Illinois will also receive $70 million up-front for the purchase of the property.
"I’m pleased to announce that we have finalized a purchase sales agreement for the James R. Thompson Center, not only saving taxpayers $800 million but also adding vitality to Chicago’s LaSalle Street corridor by honoring the original design through a modern lens," Gov.Officials estimate the sale of the Thompson Center will be finalized sometime this summer.
Bringing the 1.2 million square foot building up to date would have cost Illinois in excess of $325 million, according to the state. That cost is projected to increase to over $525 million by 2026. Renovation is expected to start later this year and will take roughly two years to complete, according to JRTC Holdings, LLC.Redevelopment of the Thompson Center property is expected to create an estimated 5,500 union jobs during development and as many as 15,000 jobs after completion.
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