"Boeing is in the midst of many exciting changes, and our newworld headquarters in Chicago is part of our ongoingtransformation," says Boeing Chairman and CEO Phil Condit. "Weintend to grow our enterprise here and create businesses that openfrontiers and advance technology, while allowing our businessleaders in other locations to drive their businesses to their fullpotential."

The aircraft manufacturer formerly based in Seattle eventuallyplans to have 400 employees, mainly executive level, housed in thetop 12 floors of the 36-story former Morton Internationalheadquarters overlooking the Chicago River. Before signing along-term lease with Lend Lease Real Estate Investments, Inc. for270,000 sf, Boeing won more than $50 million in economicincentives, allowing Chicago to beat out Dallas and Denver for thefirm's world headquarters.

Boeing will generate $4.3 billion in economic benefit over 20years, according to an Arthur Andersen study. The state expects tocollect $120 million on its $29-million incentive package over thenext 20 years.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.