Google parent Alphabet buying massive downtown Chicago building from state of Illinois

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Google parent Alphabet GOOG, +6.65% GOOGL, +6.75% has struck a deal to acquire the former State of Illinois Building, called the James R. Thompson Center since 1993, for $105 million. The massive and polarizing postmodernist 17-story structure, designed by the late Chicago-based German architect Helmut Jahn and opened in 1985, risked demolition as energy and upkeep costs undercut its utility as home to state and other government agencies. A deal had reportedly been struck earlier this year to sell the building to property developer JRTC Holdings for some $70 million, with the state retaining partial ownership. Under the Alphabet deal, according to a Block Club Chicago report, the state is to allocate $75 million of the sale proceeds to the purchase of a nearby tower that has been home to BMO Harris Bank BMO, +0.94%, to which state employees are to be relocated. The Thompson Center had also been pitched in recent years as home to the first in-town Chicago casino as a wrecking-ball alternative. Gov. J.B. Pritzker said the building would be “entirely redeveloped” to serve Google office needs, according to the Block Club report.

This article was originally published by Marketwatch.com. Read the original article here.

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