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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.
- ◦Sale/Acquisition
