Less than four months after Gov. J.B. Pritzker announced a development team would take over the beleaguered James R. Thompson Center in the Loop, the governor’s office on Thursday announced a purchase and sale agreement has been finalized.
In December, Pritzker chose a proposal from a group led by Michael Reschke, chairman of Prime Group, a longtime developer in the region. Reschke’s plan — which included the $70 million upfront payment to the state — called for preserving the 17-story building as a mixed-use property with office, retail and hotel space — and with the state retaining about a 30% ownership. The sale and title transfer are expected to be completed this summer.
