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Instead of renovating for the State of Illinois and doing a partial buyback, they’ll be renovating for Google. You can just imagine how quickly the State of Illinois bailed on their agreement. They now don’t have to buy back diddly squat. Just move into one of the other nice, regular Loop offices. Quote:
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They have to preserve some public access because of the CTA station and pedway, this is baked into the deal. I assume they will upscale the food court like the new food hall in the Old Post Office.
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Absolutely fantastic news all around. The state gets out of maintaining a building it obviously can't, gets cash out of it, a new office for its Chicago based workforce on LaSalle which needs rejuvenation AND Google is expanding in the Loop. All arranged by Michael Reschke, a Chicago based developer that will make a good chunk of cash out of the deal.
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https://chicago.eater.com/2022/7/21/...s-16-on-center |
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Thompson Center = 115 S LaSalle + $30 million Quote:
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An all-around huge win for the City, State, Google, developer, and taxpayers.
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I can't wait to see how this area will be "revitalized" with Google at the Thompson Center. It will be fun to watch. Hopefully good stuff! And hopefully the renovation will be in line with Google's aesthetic. Will the building's name be changed to something like Google Center? And maybe at the Clark/Lake subway station, it might get a face uplift and have Google advertising similar to North/Clybourn Station for Apple.
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Gov. J.B. Pritzker confirms Google will be new occupant of iconic, controversial James R. Thompson Center
https://www.chicagotribune.com/polit...qne-story.html |
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I know I'm random and this is a tangent, but would it be possible to connect 115 S. Lasalle to the pedway at some point? Is there a reason why the Chase building was never connected under Madison? Would this type of connection compromise the foundation enough that it would require massive construction to reengineer/redistribute load? Just curious if anybody has any insight?
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True. Google could be playing a long game. Remember that the site has been rezoned back to DX-16 and the existing building has no protections.
They're still putting $100+ million into the reno, which is something (but I guess not much for them). |
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I simply just can’t get worked up about the Thompson Center fast food venues when the retail areas on nearby blocks are suffering from vacancies. https://pbs.twimg.com/media/FYsBRk-WIAApWIb.jpg Also, the old Harris Bank building would probably be a good candidate for some ground floor retail conversion. https://pbs.twimg.com/media/FYsC_bZXgAE-Sha.jpg |
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The Thompson Center is a building, not a company, so renovation and flipping is its future no matter what. At least it’s not the albatross around the neck of the state of Illinois anymore. |
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