State of Illinois Agrees to Sell, Then Buy Back Space at Thompson Center, Which New Owners Say They Will Renovate | State and Region
CHICAGO — The State of Illinois on Thursday finalized a deal to sell the James R. Thompson Center for $70 million and then buy back about a third of the building for more than double that amount.
The sale to a company headed by Michael Reschke, chairman and chief executive of property developer The Prime Group, will spare the controversial Helmut Jahn-designed Loop headquarters from the wrecking ball.
The state began negotiations with Rechke’s JRTC Holdings in December, and the deal was signed just before Tuesday’s deadline set by state law.
The initial $70 million payment to the state is dwarfed by the roughly $146 million the state will pay to buy back office space once the notoriously dilapidated building is renovated, a net cost of $76 million.
The interior of the James R. Thompson Center is pictured on March 17, 2020 in Chicago.
John J. Kim, Chicago Tribune
In the long term, however, state officials say the deal is good for taxpayers, who would otherwise bear the full cost of necessary upgrades to the 17-story glass and steel structure — estimated at $325 million. dollars – or buying or renting other office space in the central business district.
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Governor JB Pritzker’s office estimated the deal will save the state $20 million a year for the next 30 years by consolidating office leases and reducing operating expenses.
The sale, which is expected to close this summer, will also add “vitality to Chicago’s LaSalle Street hallway by honoring the original design through a modern lens,” Pritzker said in a statement.
JRTC Holdings is working with the late Jahn’s company on its plan to revamp a building, named after former Governor James R. “Big Jim” Thompson, that has inspired strong opinions since it opened in 1985.
The redevelopment plan calls for the installation of a glass curtain wall to separate the office floors from the soaring atrium, which should alleviate many of the heating and cooling and noise issues facing the building faced, Reschke said late last year when announcing the tentative agreement.
“This atrium will become the monumental entrance to the future office building, and it will be unlike any other entrance in the city, and indeed in the country,” he said.
The overhaul is expected to take about two years, and Reschke estimated it would cost around $280 million.
CTA’s Clark/Lake station, which occupies part of the building, will remain in operation for the duration of construction.
When completed, the state will occupy 425,000 of the building’s 1.2 million square feet.
Most Common Jobs 150 Years Ago in Illinois
Most Common Jobs 150 Years Ago in Illinois

As the COVID-19 pandemic continues to impact the global economy, today’s job market is a hot topic in the news cycle. But while the pandemic itself is, historically, something of an economic aberration, the American economy as we know it today has a long and storied history of booms, busts, and evolution.
During the time of the American Revolution, most of the labor market in the United States revolved in one way or another around farming or acquiring food. Many individuals and communities farmed for subsistence, not even farming enough to have a surplus to sell for profit. As the fledgling country grew, so did its economy, springing up during the Industrial Revolution of the late 1700s and early 1800s, and inexorably shifting the nation’s economic focus from agrarian endeavors to those manufacturing, trading and other forms of business. Inventions like the steam engine and the cotton gin sped up production, fueling a booming labor market that encountered immigrants eager to find work.
During the mid to late 1800s, the American economy and labor market were characterized by successive periods of rapid growth followed by panics or depressions. This economic concern has been caused by stock market speculation and fluctuating levels of confidence in the federal government’s ability to regulate cash flow and support banks. In turn, the uncertain economy has produced a volatile job market.
In an effort to capture a snapshot of American labor market history, Stacker has compiled a list of the most common jobs in Illinois 150 years ago using data from the US Census Bureau. By transcribing the previously untranscribed Table XXVII from the 1870 Decennial Census, a state-level overview of the historical labor market can be seen. Nationally, farmers and planters were the most common occupation 150 years ago, one of many agricultural jobs that accounted for more than 47% of all employed people over the age of ten.
Keep reading to learn more about the historical labor market in your home country or explore the data for yourself on our site, GitHub or data.world.
Charles Phelps Cushing/ClassicStock // Getty Images
#1. Farmers and planters

– Employment in Illinois: 240,256
– National employment: 2,977,711
— 1 most common job in the United States
Undergrowth Archives // Getty Images
#2. Agricultural workers

– Employment in Illinois: 133,649
– National employment: 2,885,996
— 2nd most common job in the United States
Bettmann // Getty Images
#3. Workers (unspecified)

– Employment in Illinois: 63,130
– National employment: 1,031,666
— 3rd most common job in the United States
Alexander Alland, Sr./CORBIS/Corbis via Getty Images
#4. Domestic servants

– Employment in Illinois: 44,903
– National employment: 975,734
— #4 most common job in the United States
English Heritage/Heritage Images // Getty Images
#5. Carpenters and Joiners

– Employment in Illinois: 23,040
– National employment: 344,596
— 5th most common job in the United States
Keystone-France/Gamma-Keystone via Getty Images
#6. Railway company employees (no clerks)

– Employment in Illinois: 14,946
– National employment: 154,027
—#9 most common job in the US
SSPL // Getty Images
#7. Clerk in stores

– Employment in Illinois: 13,980
– National employment: 222,504
— #6 most common job in the US
Universal History Archive/Universal Pictures Group via Getty Images
#8. Blacksmiths

– Employment in Illinois: 9,412
– National employment: 141,774
— #11 most common job in the United States
Universal History Archive/Universal Pictures Group via Getty Images
#9. Teachers (not specified)

– Employment in Illinois: 8,869
– National employment: 126,822
— #12 most common job in the United States
Everett Collection // Shutterstock
#ten. Tailors, seamstresses and seamstresses

– Employment in Illinois: 7,919
– National employment: 161,820
—#8 most common job in the US
Lewis W. Hine // Library of Congress
#11. Draymen, Hackmen, Teamsters, &c

– Employment in Illinois: 7,879
– National employment: 120,756
— #13 most common job in the United States
Bain News Service // Library of Congress
#12. Minors

– Employment in Illinois: 6,954
– National employment: 152,107
— #10 most common job in the United States
Everett Collection // Shutterstock
#13. Painters and varnishers

– Employment in Illinois: 6,294
– National employment: 85,123
— #18 most common job in the United States
Library of Congress // Wikimedia Commons
#14. Boot and shoe manufacturers

– Employment in Illinois: 6,279
– National employment: 171,127
— #7 most common job in the US
Frances Benjamin Johnston // Library of Congress
#15. Traders and resellers (unspecified)

– Employment in Illinois: 6,172
– National employment: 100,406
— #15 most common job in the United States
Charles Phelps Cushing/ClassicStock // Getty Images
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