Thompson Center Purchase and Sale Agreement is Finalized
The sale of the James R. Thompson Center at 100 W. Randolph St. has reached another major milestone as the Pritzker administration has executed the purchase and sale agreement with JRTC Holdings, LLC.
As part of this public-private partnership structure, the state will receive a $70-million up-front payment for the purchase of the property while retaining approximately 425,000 square feet of newly renovated office space at the Helmut Jahn-designed complex. Gov. JB Pritzker said the sale will save taxpayers 480 million.
“Our investment will anchor and support the Loop’s continued economic revitalization and will boost the much-anticipated renaissance of the LaSalle Street corridor,”said Michael W. Reschke, owner of JRTC Holdings LLC, the buyer, and chairman & CEO of the Prime Group, Inc.
JRTC Holdings’ renovation is expected to begin later this year following the deal’s financial closing and take approximately two years to complete.
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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