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Pritzker Administration Selects Buyer for Thompson Center
Illinois Gov. JB Pritzker said Wednesday the state plans to enter exclusive negotiations with Prime Group for the sale and redevelopment of the James R. Thompson Center in Chicago’s Loop. Prime Group would pay $70 million to acquire the Helmut Jahn-designed Thompson Center, for which the state once hoped to garner $300 million, and preserve and substantially renovate the office property.
“The state can no longer afford to support unsustainable costs for the maintenance and operation of the JRTC or delay its disposition,” said Janel L. Forde, director of the state’s Department of Central Management Services. “This strategic public-private partnership allows us to retain a smaller presence in the property while partnering with an established development team.”
At a news conference Wednesday, Prime Group head Mike Reschke said, “There was a lot of talk over the years about actually demolishing the building, which would be a travesty. An absolute travesty.”
- ◦Sale/Acquisition
- ◦Policy/Gov't
