State receives 2 bids to purchase the Thompson Center
CHICAGO - The state is getting some interest in the Thompson Center.
According to state officials, there have been two bids to buy the 1.2 million square-foot structure located at 100 W. Randolph St.
Details of the proposals won't be revealed until a winning plan is picked.
Gov. JB Pritzker is expected to choose one of the bids by the end of the year.
The sale could close as early as April 2022.
Pritzker announced Requests for Proposals for the sale of the Thompson Center in May.
"The sale of the Thompson Center has been discussed for nearly 20 years and we are taking another important step to making it a reality," Pritzker said. "Selling the property provides a unique opportunity to maximize taxpayer savings, create thousands of union jobs, generate millions of dollars in real estate taxes to benefit the City of Chicago and spur economic development."
Bringing the 1.2 million square foot building up to date would also cost Illinois in excess of $325 million, according to the state. That cost is projected to increase to over $525 million by 2026.
Illinois leases office space in seven properties in Chicago's Loop, at a cost of $21.3 million annually in base rent and operating expenses. The state currently occupies nearly 780,000 square feet of the Thompson Center.
Opened in 1985, the Thompson Center comprises a full city block of prime real estate, and its central location presents, "a rare and exciting development opportunity," the state says.