State officials said Thursday they have selected a project management team to help them realize maximum revenue from the sale of the James R. Thompson Center in Chicago.
Gov. J.B. Pritzker’s administration has called the 17-story building at 100 W. Randolph St. “oversized, outdated and expensive.” The glassy creation of architect Helmut Jahn opened in 1985, but years of deferred maintenance have taken a toll.
Officials picked a team led by Ernst & Young Infrastructure Advisors to handle the sale, including reviewing state government’s office needs in Chicago. The state will begin exclusive negotiations on a contract with the Ernst & Young group.
Its partners include Bauer Latoza Studio, Goodman Williams Group and the law firm Mayer Brown. Bauer is minority owned and Goodman is female owned.
Preservationist groups have argued for saving the building, known for its soaring atrium. State officials, however, have said moving state offices elsewhere would reduce operating costs. Former Gov. Bruce Rauner estimated the state could sell the Thompson Center’s full-block site for $200 million.
“After years of neglect, the Thompson Center has outlived its useful life in its current state, requiring $17 million a year just to operate — and it’s time to generate value for the taxpayers from selling the building,” Pritzker said. “The Department of Central Management Services is working diligently to move forward with the sale and relocate employees to a more efficient work environment.”
A 2016 analysis said the state would have to spend $325 million on the building to bring it to good repair. One problem always has been temperature control; state officials said the single-pane glass system wastes energy and doesn’t provide adequate comfort.
The state invited private firms in August to submit their qualifications for selling the Thompson Center. Other respondents were commercial property managers and brokers CBRE Group, Cushman & Wakefield and Jones Lang LaSalle.
