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

Google parent Alphabet GOOG, +5.55% GOOGL, +5.58% 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, +0.62%, to which state employees are to be relocated.

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