The state is officially putting the Thompson Center on the market, opening up a large Loop property to possible redevelopment.
Gov. J.B. Pritzker on Friday signed a bill setting up a two-year process to sell the Helmut Jahn-designed state office building at 100 West Randolph Street through a competitive bidding process, according to the Chicago Tribune.
It will be more than a year before the state accepts proposals from developers interested in the 1.2 million-square-foot, 34-year-old building. In the meantime, the state will work with the city on possible zoning changes on the property to help attract developers’ interest.
Any buyer would have to maintain operation of the Clark/Lake CTA station that occupies part of the building. And the state likely will have to buy out Chicago’s Marc Realty Capital and Boston-based Winthrop Realty Trust from their master lease for the retail shops in the atrium, which doesn’t expire until 2034, according to the Tribune.
Pritzker wants to steer proceeds from the sale to the state’s underfunded pension systems. [Chicago Tribune] — John O’Brien