CHICAGO (WGN) — The state of Illinois has a deal in place to sell the Thompson Center.
Gov. J.B. Pritzker said the state entered exclusive negotiations with the Prime Group in a deal worth $70 million.
Pritzker said the new owners will keep the building intact and develop executive offices, retail, and hotel space. He said they will move forward on a “public-private partnership.”
A statement from the governor’s office said the state will save approximately $20 million a year for the next 30 years through operating cost reductions and lease consolidations.
“Today I’m proud to announce that for the first time, we’re taking a massive step forward with a plan that will result in the sale of the Thompson Center and that will save taxpayers $800 million,” Pritzker said in a statement. “I came into office with a promise to manage state government resources more efficiently and to support local governments. By returning vital real estate in downtown Chicago to private ownership, tens of millions in revenue will be generated for Chicago Public Schools and for property taxpayers. This is a new era of responsible governance for Illinois – one that protects our taxpayers, and fosters the jobs and opportunities that working families deserve.”
Pritzker said selling the building will save taxpayers $800 million.
This is a developing story. Check back for details.