https://www.chicagobusiness.com/gove...es-prime-group
State in deal to sell Thompson Center
Pritzker announced that the state has entered into exclusive negotiations with the Prime Group to sell the building, a move that the governor said would save taxpayers $800 million.
The new owners plan to preserve the structure.
December 15, 2021 11:41 AM UPDATED 4 MINUTES AGO
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The state has reached a deal to sell the Thompson Center for $70 million, Gov. J.B. Pritzker announced today, and the buyers plan to preserve the building.
Pritzker announced that the state has entered into exclusive negotiations with the Prime Group to sell the building, a move that the governor said would save taxpayers $800 million.
"After reviewing two final bids, our team has entered into exclusive negotiations" with the team that would also "honor the original design of the building."
The new majority owners will pay $70 million upfront and intend to develop a "state-of-the-art mixed use building" with executive offices, retail, and hotel space. "The design is truly stunning," Pritzker said.
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Among other changes, Prime intends to install a "new curtain wall" to reduce the building's famously high heating and cooling costs.
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The renovations could begin within the next 12 months if the deal closes within the next six, Reschke said.
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Reschke says the renovation budget is roughly $280 million, and would take two years from the start of construction. The building will remain open during that renovation, with the state staying on as an occupant during the refresh.
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