CHICAGO, Ill. (WTVO) — Google is buying The Thompson Center in Downtown Chicago.

The announcement was made Wednesday as city and state leaders celebrated the sale. Google is paying $105 million for the building. The tech giant has more than 2,000 employees in Chicago.

The Thompson Center first opened in 1985 and has housed state offices ever since. Illinois Governor JB Pritzker said that the City of Chicago will see an increase in tax revenue by selling.

He said that there will also be about $1 billion saved over the next three decades by consolidating downtown real estate.

“We’re saving taxpayer’s money, we’re growing high paying jobs, we’re adding vitality to the Loop and improving the work environment for thousands of private and public sector employees,” Pritzker said. “Let the word go out that Chicago and Illinois are open for business.”

Renovations are set to begin later this year and are expected to take about two years to complete.