The State of Illinois has executed a sale agreement, representing another milestone in the process of selling the massive James R. Thompson Center in Chicago’s Loop to a private partnership.
The new agreement finalizes the terms of the sale, which should close this summer. Under the deal, the state will get $70 million up front and will retain possession of 425,000 square feet of office space in the iconic building. The group that is purchasing the building, JRTC Holdings, will assume responsibility for repairs and renovations to the nearly 40-year-old building.
Governor JB Pritzker says selling the building will save taxpayers $800 million in upkeep and renovation costs.
