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Chicago & Midwest  + Office  |  December 13, 2019
The state of Illinois has executed a purchase and sale agreement with the buyer of the James R. Thompson Center in Chicago's Loop
Paul Bubny
By: Paul Bubny

EY Will Manage State’s Sale of Thompson Center

The State of Illinois has selected EY as project manager on the sale of the James R. Thompson Center downtown. Along with EY Infrastructure Advisors, the EY team also includes Bauer Latoza Studio, Goodman Williams Group and Mayer Brown, LLP.

The EY team, which was selected in a competitive RFP process initiated by the state’s Department of Central Management Services (CMS), will be responsible for:

• helping CMS sell the Thompson Center
• assisting with relocation options to an alternate site
• possibly negotiating the state’s ownership at an alternate site
• assessing the state’s Chicago real estate portfolio for consolidation options
• providing project management services

Opened in 1985, the 17-story Thompson Center encompasses approximately 1.2 million square feet.  Because of prolonged deferred maintenance and delayed capital projects, the cost of bringing the building to a state of good repair has been estimated at $300-million-plus, potentially more than a sale would garner.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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