The State of Illinois on Monday issued an RFP for the sale of the James R. Thompson Center at 100 W. Randolph St. in downtown Chicago. The Illinois Department of Central Management Services determined that selling the 1.2-million-square-foot office property was in the state’s best interest.
"The sale of the Thompson Center has been discussed for nearly 20 years and we are taking another important step to making it a reality," said Gov. JB Pritzker. "Selling the property provides a unique opportunity to maximize taxpayer savings, create thousands of union jobs, generate millions of dollars in real estate taxes to benefit the City of Chicago and spur economic development.”
Due to prolonged deferred maintenance and delayed capital projects, it’s estimated that the cost to bring the 36-year-old Thompson Center into a state of good repair exceeds $325 million currently. It’s projected to increase to more than $525 million by 2026.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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