CHICAGO, Ill. – Illinois Governor JB Pritzker is going to do something predecessors tried — and failed to do as a means to make the state some money: sell the James R. Thompson Center in downtown Chicago.
“The Prime Group will be purchasing the Thompson Center for $70 million up front,” Pritzker said Wednesday at a news conference in the Thompson Center. “Just as importantly, this sale alleviates taxpayers of over half a billion dollars in necessary deferred maintenance costs on this building.”
The state is, in reality, entering into exclusive negotiations with The Prime Group, following a state-issued Request for Proposals.
“The new majority owners intend to develop the rest of this space into a state-of-the-art, mixed-use building, including executive offices, conferencing center and auditorium spaces, retail, and hotel space,” said Pritzker.
The state will still use about a third of the available office space, and Pritzker says taxpayers will save as much as $800 million over 30 years.
Former Governor Bruce Rauner tried and failed to sell the Thompson Center less than five years ago, amid what at the time was a worsening state budget crisis.
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