Nearly two decades after the State government first considered a sale of the James R. Thompson Center (JRTC), Governor JB Pritzker and the Illinois Department of Central Management Services announced the final closing of the iconic JRTC at 100 West Randolph Street and transfer of property title to JRTC Holdings, LLC from Mayer Brown-advised State of Illinois. Google will become the building’s new occupant, establishing its presence in the Central Loop as a tech hub.
Google and JRTC Holdings, LLC have entered into a build-to-suit agreement for the redevelopment of the building, which Google intends to occupy upon completion of the renovation. Under the announced deal, the State will receive an amount equal to $105 million for the purchase of the entire JRTC, comprising $30 million in cash and title to the property located at 115 S. LaSalle, which both parties agree has a value of $75 million. The deal furthers the State’s broader real estate alignment, allowing the State to consolidate additional downtown leases, which will save Illinois taxpayers nearly a billion dollars over the next thirty years.
Mayor Lori Lightfoot said the Google deal is the largest corporate announcement in Chicago in 10 years, calling it “a milestone in Chicago’s history.”
The team includes partners David Narefsky, Joanna Horsnail and Brian Davis, along with counsel Sara Hess and Sarah Shaw and associate Suchitra Paul.