After years of trying, the state of Illinois has finally completed the sale of the James R. Thompson Center in Chicago… following some major last-minute revisions to the deal.
Where the state was initially slated to receive $70 million in cash for the sale of the building… while contributing $148 million to renovating the property and retaining office space there, the state will now get $30 million in cash and full title to a different office building in Chicago’s Loop. The Thompson Center will be renovated by the new owner, and then will be sold to Google, which plans to use the massive structure to expand its Chicago operations.
Governor JB Pritzker says the deal will allow Illinois to consolidate its real estate holdings in Chicago, saving taxpayers nearly a billion dollars over the next 30 years.
