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The state of Illinois has executed a purchase and sale agreement with the buyer of the James R. Thompson Center in Chicago's Loop

Sale of Thompson Center Inches Closer to Reality

The state of Illinois may finally be on the verge of selling the James R. Thompson Center on West Randolph Street for eventual redevelopment, nearly two years after the legislature approved a bill to move state offices to the nearby Bilandic Building and authorize a sale. The measure has landed on Gov. JB Pritzker’s desk.

Shortly after the Illinois House and Senate passed SB 886 in May 2017, Senate president John Cullerton reportedly placed a “motion to reconsider” on the bill, halting forward momentum on it. He lifted the motion on Jan. 19.

Built in the mid 1980s and designed by architect Helmut Jahn, the Thompson Center was expected to fetch $300 million when the current state budget was enacted last year.

While then-Gov. Bruce Rauner wanted to use proceeds from a sale to help balance the state budget, Pritzker reportedly would prefer to put it toward unfunded pension liabilities.

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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 13-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 15-20 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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