In a surprise deal that gives new life to an iconic but aging downtown office building, Google plans to buy the James R. Thompson Center and signals a new commitment to Chicago. The Silicon Valley-based company, which opened its first Chicago office 22 years ago, has been rapidly expanding its headcount in Chicago to nearly 2,000 workers within two buildings in Fulton Market.
In acquiring the Thompson Center designed by architects Murphy/Jahn, Google extends its reach beyond Fulton Market, as well as stabilizing the Loop area, particularly LaSalle Street which has fallen out of favor as many longtime financial denizens have moved to new office towers along the Chicago River.
Michael Reschke at The Prime Group, Inc had previously struck a deal with the state of Illinois to buy the Thompson Center for $70 million and overhaul the building with modern features and amenities. They will sell a portion back to the state for its offices and market roughly two-thirds of the building towards new office, retail and other users. Under the new plan, Prime Group, Inc would renovate and ultimately sell to Google. Reschke said on 27 July that he has reached an agreement with Google to renovate the property for the company.
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