“Google’s $105 million purchase of the Thompson Center in 2022 marked a turning point for Chicago’s struggling financial district. Plagued by high office vacancies and dwindling foot traffic, the area is now being primed for city-backed residential projects and the arrival of thousands of Google employees.
“While completion of the projects is at least two years away, early signs suggest the revitalization will reshape the Loop’s future and could spur an economic boom, industry experts said.
“‘I think a small boom is fair … people didn’t expect what happened to Fulton [Market] until Google came there, and then it took off like the Wild West,’ said Andy DeMoss, senior managing director at Bradford Allen, a Chicago-based commercial real estate and investment firm.
“Developers, investors and real estate executives have been watching the market closely after the tech giant announced in 2022 it would redevelop the Thompson Center for office use. Capitalizing on the spotlight, former Mayor Lori Lightfoot announced the Revitalize LaSalle Initiative, which offers up developers tax-increment financing (TIF) dollars and other incentives to repurpose historic buildings along LaSalle Street.
“The idea leans into the concept of the Google Effect: a spike in investment around the Thompson Center as developers create housing and convert buildings for an influx of Google workers.
“The LaSalle Street initiative was delayed during the transition from Lightfoot to Mayor Brandon Johnson but officially moved forward in the spring with five adaptive reuse projects making their way through the city’s development and TIF approval process. If approved by City Council, the projects would collectively use $249 million in TIF funding and add at least 1,000 apartments to the area. The target completion date for the five projects is the end of 2026.
“Simultaneously, renovations on the Thompson Center have progressed and now include a revamp of the Clark/Lake ‘L” station. The entire overhaul is slated to also be done in 2026.
“What happens to century-old buildings with no tenants? Adaptive reuse is a logical solution, though developers require assurance that their multimillion-dollar renovations will succeed.
“Combined, the LaSalle Street Reimagined proposals and the Thompson Center redevelopment could absorb over 2.5 million square feet of vacant office space, reducing competition and transforming the business district into a livable neighborhood.
“‘Some retailers are getting ahead of Google and residential conversions,’ DeMoss said. ‘Retail was completely dead in the Loop, but this year, we’re starting to see it come back. It will significantly pop once those events happen in a couple of years.”
“Historical and older buildings tend to be good candidates for adaptive reuse. Often built before air conditioning was available, these buildings have numerous windows and smaller structural bays that convert well into residential units.
“Google moving into the Thompson Center is a huge win, but we can’t take it for granted.” (Mercado, Block Club Chicago, 1/27/25)
“Prime | Capri Interests, a venture led by Chicago developers Michael Reschke and Quintin Primo, bought the Thompson Center in 2022 from the state of Illinois for $105 million. Google then agreed to take it over after the duo completes the renovation.
“Workers are also replacing the building’s glass facade with triple-paned glass, which will let in more natural light, cut energy use and reduce bird collisions.
“Historic preservationists say they’re thrilled Google and the development team came up with a plan to save the building, which for years seemed a likely candidate for demolition.
“’The renderings show the building would be painted in more neutral colors, but its beautiful industrial red was what allowed it to sing and pop,’ said Ward Miller, executive director of Preservation Chicago. ‘These are important aspects of the building we should try to save.’” (Rogal, Chicago Tribune, 11/1/24)
Read the full story at Block Club Chicago and the Chicago Tribune
- Can The Google Effect Revive The Loop? Experts Say Yes; Experts say the Loop is showing signs of a potential economic boom thanks to the tech giant’s purchase of the Thompson Center and reinvestment in the area, Melody Mercado, Block Club Chicago, 1/27/25
- Google searching for tenants at revamped Thompson Center, Danny Ecker, Crain’s Chicago Business, 1/31/25
- Redeveloped Thompson Center will offer public gathering spaces, new renderings released by Google show, Brian Rogal, Chicago Tribune, 11/1/24
- Google paying to move CTA Clark/Lake entrance in Thompson Center to Clark Street; The transit agency announced Wednesday the station entrance in the Thompson Center, now under construction to become Google’s new Chicago headquarters, will be moved to the northeast corner of the building on Clark Street, David Struett, Chicago Sun-Times, 11/13/24
- CTA plans major changes for Clark/Lake station; The renovations will align with the redevelopment of the Thompson Center; Lukas Kugler, Urbanize Chicago, 11/15/24
- New Google rendering gives an early glimpse of former Thompson Center atrium’s future; The rendering obtained by the Sun-Times is the first look Google has provided of its vision for the remade interior of the Helmut Jahn-designed icon, Lee Bey, Chicago Sun Times, 10/31/24
- New Google rendering gives an early glimpse of former Thompson Center atrium’s future; The rendering obtained by the Sun-Times is the first look Google has provided of its vision for the remade interior of the Helmut Jahn-designed icon, Lee Bey, WBEZ Chicago, 10/31/24
- Google reveals plans for revamped Thompson Center atrium, Danny Ecker, Crain’s Chicago Business, 10/31/24
- Google’s Thompson Center Overhaul Adds Patio, Greenery, Even More Light In New Renderings; New renderings reveal a closer look at Google’s plans for the building’s atrium., Melody Mercado, Block Club Chicago, 11/1/24
- Google reveals renderings of Thompson Center atrium; The interior space will be open to the public during business hours, Lukas Kugler, Urbanize Chicago, 11/4/24
- Renderings Revealed For Thompson Center Lobby Redevelopment, Ian Achong, Chicago YIMBY, 11/1/24
- Redeveloped Thompson Center will offer public gathering spaces, new renderings released by Google show, Brian Rogal, Chicago Tribune / AOL, 11/1/24
- Editorial: Thanks to Google, Chicago has an amazing new tourist attraction. Temporarily, The Chicago Tribune Editorial Board, 10/4/24
- Renovation Work at Thompson Center, Daniel Schell, Chicago YIMBY, 9/13/24
- Google shares new renderings for refurbishment to Thompson Center’s atrium, Daniel Jonas Roche, The Architect’s Newspaper, 9/7/24
- Construction on Google’s Chicago headquarters bringing changes to surrounding sidewalk; Developers of the Thompson Center plan to extend the building’s overhangs, which would narrow the sidewalk on La Salle and Clark streets, Abby Miller, WBEZ Chicago, 9/5/24