CHICAGO (WMBD) — A request for proposals (RFP) for the sale of the James R. Thompson Center (JRTC) at 100 West Randolph Street has been issued.
“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,” said Governor JB Pritzker. “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. My team looks forward to working with the city as we move forward.”
CMS determined the sale of the JRTC was in the State’s best interest as the facility is oversized, outdated, and expensive to operate, according to a press release.
It is estimated that the cost to bring the JRTC into a state of good repair exceeds $325 million and is projected to increase to more than $525 million by 2026. By selling the facility, the State can relocate its core services to more appropriate and efficient replacement spaces.
“Issuing this RFP moves the state a step closer to selling the JRTC and actualizing more sustainable and efficient governance practices on behalf of Illinois residents,” said CMS Director Janel L. Forde. “The sale of this prime property will not only save millions in annual operating costs but also makes way for significant economic opportunities in Chicago’s Central Business District.”
Opened in 1985, the JRTC is a 17-story building, encompassing approximately 1.2 million square feet of the enclosed area of which the state occupies nearly 780,000 square feet.
Responses to the RFP for the James R. Thompson Center sale are due at 3 p.m. on Aug.16. A copy of the RFP is available here.