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  #301  
Old Posted Jun 4, 2017, 8:53 PM
the urban politician the urban politician is offline
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Originally Posted by sukwoo View Post
It'd be a pretty huge, possibly unprecedented move for an established NE corridor company to relocate to the midwest. I'm sure the Illinois budget mess doesn't help things either.
That's not that unprecedented. .

Dover Corp moved from Manhattan to the Chicago burbs about 6-7 years ago. Fortune 500 company. Some other companies have moved here as well (pharmaceuticals, etc).

The reason I don't think Aetna will move here is because Chicago is not particularly specialized in their industry, hence moving here affords little benefit compared to just moving to Boston or NY, whereby executives don't have to completely uproot themselves.
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  #302  
Old Posted Jun 5, 2017, 6:11 PM
Justin_Chicago Justin_Chicago is offline
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Software firm moving HQ to 1 N. Dearborn

Snapsheet, whose software makes it possible to estimate car accident damage using a smartphone camera, is making some big moves.

The Chicago-based startup plans to move in January to a new headquarters at 1 N. Dearborn St., more than doubling its office space to 52,000 square feet. The move comes less than a year after Snapsheet moved from its longtime home at 600 W. Chicago Ave. into 21,000 square feet at 55 W. Monroe St. The company has more than doubled headcount to 325, including about 160 in Chicago.

Snapsheet's business has surged as it landed some large new customers and added more features to its software, which a number of insurers use to help handle accident claims. The company also provides claims-processing services.

Snapsheet raised $20 million late last year in anticipation of heavy growth. Weisberg says he plans to triple the company's engineering team to nearly 100 people in the next 18 months.

Article: http://www.chicagobusiness.com/reale...o-tech-tenants
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  #303  
Old Posted Jun 6, 2017, 12:54 AM
marothisu marothisu is offline
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My take on the Aetna move to...wherever:

1) People have stated that this is the NE's kind of thing, health insurance, but it's really not. Let's just take a look at the large health insurance companies and where they'd HQ'd:

* UnitedHealth - Minnetonka, MN
* Kaiser - Menlo Park, CA
* Cigna - Philadelphia
* BlueCross BlueShield - Chicago
* Humana - Louisville
* Metlife - NYC
* Anthem (WellPoint) - Indianapolis
* Centene - St. Louis
* Health Net - Woodland Hills, CA (Los Angeles)
* WellCare - Tampa
* Molina - Long Beach
* Magellan Health - Scottsdale, AZ

Big insurance companies, not necessarily health care:
* Allstate - Northfield, IL
* State Farm - Bloomington, IL
* AIG - NYC
* Liberty Mutual - Boston
* Berkshire Hathaway - Omaha
* Travelers - NYC
* Prudential - Newark, NJ
* Progressive - Mayfield Village, OH
* Nationwide Insurance - Columbus, OH
* Farmers - Los Angeles
* GEICO - Chevy Chase, MD
* Aflac - Columbus, GA
* Zurich - Chicago, IL (North American HQ - global HQ in Zurich)
* CNA - Chicago
* USAA - San Antonio
* Hartford - Hartford, CT

Only 7 of those are actually HQ'd in the north east (8 if you count MD) out of 28 total insurance companies. 11 of them are HQ'd in the midwest, including 4 in Chicago or the Chicago area with another one in downstate Illinois. BCBS is a collection of numerous health care companies like Anthem.


So really, I don't think it would be weird at all if Aetna moves out of the Northeast entirely and even into the Chicago area, or Ohio, or the LA area. The largest health care insurance company (UnitedHealth) is HQ'd in the midwest, not the northeast. The 2nd largest, Anthem, is HQ'd in Indianapolis. There are some large insurance companies in NYC but really not much different than Chicago area.

2) There's more reasons to move somewhere than tax breaks. It looks like they are looking for talent, not necessarily outright a tax break somewhere. I think you could get this obviously in the NE, but you can get it a lot of places considering BCBS, All State, Zurich, and CNA are all HQ'd in Chicago or the area. AllState and StateFarm are very big, and UnitedHealth is the biggest insurance company of course. If they can get talent to those places, then it's proof that you don't need to be in the NE. Most of these companies aren't centered in the NE anyway.

3) I don't know who would be moving, but I know this: Hartford area is not reachable to NYC by public transit. The people are going to have to actually move out of the Hartford area if they moved to NYC unless they want to ride on the Greyhound everyday for work before taking other city public transit.

As someone who has had to deal with NY State taxes while having residency in another state, I know that their tax laws suck too. There have been many companies that have gotten their employees in trouble by moving HQ to NYC and telling people they could work from home. The companies thought they were getting away with getting their employees off the hook for only coming into the office 1-2 days per week. However, that's not how it works and employees set up like that who live in areas like Stamford usually get hit with way more taxes during tax season than they ever thought. I've read a few cases specifically of a company moving to NYC from CT, and their employees getting screwed over with income taxes because the company thought it would be OK if they worked from CT 3 or 4 days per week. NY State doesn't really care when the actual office is in NYC - doesn't matter where you're working. New York and Connecticut don't offer tax reciprocity. On the other hand, New Jersey offers a tax credit if you live in NJ and work in NY. I only know of one person I work with in NYC who lives in CT - and he's a high ranking executive who makes a lot of money. There are others who live close to CT, but in Westchester County, NY.

I don't know how Massachusetts or Pennsylvania deals with this, but the people would definitely have to move out of the Hartford area. Even if the taxes weren't an issue, there's no good way to commute daily between the Hartford area and NYC or Boston. The cost of living considering may then also play a role in their decision.


My take on it is that if a tax break is needed by them for a move, then Illinois is probably out of the running. However, if that's not really a major part of this deal then coming to the Chicago area would not be weird at all. Reading the articles, it basically seems as though it would be most of the executives and ops people moving. Most of the labor force for the company centered in CT would stay there. There have been many companies in the last few years, big ones even, to move to the Chicago area from elsewhere.
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Last edited by marothisu; Jun 6, 2017 at 1:20 AM.
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  #304  
Old Posted Jun 6, 2017, 7:16 PM
Investing In Chicago Investing In Chicago is offline
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Originally Posted by Justin_Chicago View Post
Software firm moving HQ to 1 N. Dearborn

Snapsheet, whose software makes it possible to estimate car accident damage using a smartphone camera, is making some big moves.

The Chicago-based startup plans to move in January to a new headquarters at 1 N. Dearborn St., more than doubling its office space to 52,000 square feet. The move comes less than a year after Snapsheet moved from its longtime home at 600 W. Chicago Ave. into 21,000 square feet at 55 W. Monroe St. The company has more than doubled headcount to 325, including about 160 in Chicago.

Snapsheet's business has surged as it landed some large new customers and added more features to its software, which a number of insurers use to help handle accident claims. The company also provides claims-processing services.

Snapsheet raised $20 million late last year in anticipation of heavy growth. Weisberg says he plans to triple the company's engineering team to nearly 100 people in the next 18 months.

Article: http://www.chicagobusiness.com/reale...o-tech-tenants
Quite a few tech companies moving into 1N Dearborn; the building just had a major renovation, and the new offices look really good.
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  #305  
Old Posted Jun 6, 2017, 8:23 PM
the urban politician the urban politician is offline
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^ Welcome to the forum. I like your username
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  #306  
Old Posted Jun 6, 2017, 8:40 PM
Investing In Chicago Investing In Chicago is offline
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Originally Posted by the urban politician View Post
^ Welcome to the forum. I like your username
Thanks, Chicago (specific neighborhoods) are ripe for investing and I love love the cashflow I can make in the city. Investors in NYC/SF can only dream about the cash on cash returns that are possible in Chicago.

I've actually been reading this site for like 10 years, and just decided to create an account, looking forward to contributing.
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  #307  
Old Posted Jun 6, 2017, 9:38 PM
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Originally Posted by Investing In Chicago View Post
Thanks, Chicago (specific neighborhoods) are ripe for investing and I love love the cashflow I can make in the city. Investors in NYC/SF can only dream about the cash on cash returns that are possible in Chicago.

I've actually been reading this site for like 10 years, and just decided to create an account, looking forward to contributing.
Welcome to the forum!
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  #308  
Old Posted Jun 7, 2017, 3:44 AM
emathias emathias is offline
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Originally Posted by Investing In Chicago View Post
Quite a few tech companies moving into 1N Dearborn; the building just had a major renovation, and the new offices look really good.
Sears' tech departments had (has?) a big footprint there. That would likely mean the building had a lot of telecom investment many other older buildings may not have had. That probably makes a difference, knowing you get get good service from multiple network providers, etc.
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  #309  
Old Posted Jun 7, 2017, 1:28 PM
LouisVanDerWright LouisVanDerWright is offline
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Originally Posted by emathias View Post
Sears' tech departments had (has?) a big footprint there. That would likely mean the building had a lot of telecom investment many other older buildings may not have had. That probably makes a difference, knowing you get get good service from multiple network providers, etc.
Ah yes, Sears Roebuck and Company, scion of cutting edge technology!
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  #310  
Old Posted Jun 7, 2017, 1:35 PM
emathias emathias is offline
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Originally Posted by LouisVanDerWright View Post
Ah yes, Sears Roebuck and Company, scion of cutting edge technology!
They tried, for a while, to have a meaningful web presence. Hired a lot of ex-Orbitz people. Sometimes you just can't overcome a brand that has lost its audience.
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  #311  
Old Posted Jun 7, 2017, 2:37 PM
the urban politician the urban politician is offline
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Originally Posted by LouisVanDerWright View Post
Ah yes, Sears Roebuck and Company, scion of cutting edge technology!
I think his point was that Sears invested in the infrastructure, thus the building is well equipped for tech companies
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  #312  
Old Posted Jun 7, 2017, 10:03 PM
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ithakas ithakas is offline
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Another TV show for Chicago, the kind the city could use...

Quote:
Brown Girls, the Best Web Series You’re Not Watching, Is Coming to HBO

In yet another sign that the most forward-thinking television lives on the internet, HBO has put its weight (and dollars) behind one more viral web series. The creators of Brown Girls, writer Fatimah Asghar and director Samantha Bailey, have announced to Elle that HBO has signed the pair to a development deal to bring their hit series to the network. It’s a similar process to the one that fostered Issa Rae’s Insecure, which HBO took notice of when the show was a popular web series called The Misadventures of Awkward Black Girl.
http://www.vulture.com/2017/06/you-s...-insecure.html
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  #313  
Old Posted Jun 8, 2017, 3:06 AM
emathias emathias is offline
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Originally Posted by the urban politician View Post
I think his point was that Sears invested in the infrastructure, thus the building is well equipped for tech companies
Precisely
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  #314  
Old Posted Jun 8, 2017, 12:38 PM
Justin_Chicago Justin_Chicago is offline
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Thanks for sharing the link on the new HBO show. Exciting stuff.

Another tech company moves downtown

A small software company with big growth plans has moved downtown from Downers Grove.

Microsystems opened the new 13,000-square-foot office at 300 S. Riverside last week. The company, which has about 60 employees, expects to hire 100 more by the end of next year.

"We're moving downtown to get closer to customers, recruit talent and be in a more competitive software landscape," says Avaneesh Marwaha, the company's president.

Microsystems is one of several tech companies that have moved downtown from the suburbs in recent years, including Motorola Solutions, Fieldglass, Opinion Lab and Nielsen.

Article: http://www.chicagobusiness.com/artic...ns-to-hire-100
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  #315  
Old Posted Jun 8, 2017, 7:28 PM
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There going to be a little Canadian financial center at LaSalle and Monroe. BMO turned out to be pretty big plus for downtown. I wonder if this will lead to an institution as significant as BMO Harris for the city. Is a regional office of a $500 billion bank more significant than a HQ of a $20 billion bank? Probably so.

http://www.chicagotribune.com/busine...608-story.html
Canadian bank CIBC gets OKs for acquisition of Chicago-based PrivateBancorp

Canadian bank CIBC has received the regulatory approvals needed to complete its acquisition of Chicago-based PrivateBancorp.

The acquisition is expected to close June 23, according to a news release
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  #316  
Old Posted Jun 9, 2017, 4:15 PM
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Fairly new here, long time lurker. I've always believe one of Chicago's biggest problems was public relations, basically what the rest of the country and world thought about Chicago does not really line up with everyday realities and I know a lot of the commenters on here feel the same way. Luckily, it looks like the city is finally starting to realize this and they created a plan to bring the 4 main sectors of the city (Civic, Commercial, Education, and Arts and Culture) to promote the city on the world stage. All in all, the idea is to clean up the image, increase tourism and investment, and use the momentum to get the residents to care for, engage, promote, and work for the betterment of the city as a whole. The report is a great read, highly suggest checking it out.

https://www.thechicagocouncil.org/si...tm_content=pdf
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  #317  
Old Posted Jun 9, 2017, 6:40 PM
IrishIllini IrishIllini is offline
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Originally Posted by cmmcnam2 View Post
Fairly new here, long time lurker. I've always believe one of Chicago's biggest problems was public relations, basically what the rest of the country and world thought about Chicago does not really line up with everyday realities and I know a lot of the commenters on here feel the same way. Luckily, it looks like the city is finally starting to realize this and they created a plan to bring the 4 main sectors of the city (Civic, Commercial, Education, and Arts and Culture) to promote the city on the world stage. All in all, the idea is to clean up the image, increase tourism and investment, and use the momentum to get the residents to care for, engage, promote, and work for the betterment of the city as a whole. The report is a great read, highly suggest checking it out.

https://www.thechicagocouncil.org/si...tm_content=pdf
Chicago has awful PR. A lot of that stems from angry conservatives spreading misinformation for political points and a lot of it is self-inflicted. Great to see the City is finally "woke" and working to address these issues. There's no reason places like Boston, DC, NYC, or even Philadelphia can post population gains and we cannot. Chicago is far better equipped than all but NYC to contribute to the knowledge economy. We have a large, education workforce, excellent transit, and we're FAR more affordable.
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  #318  
Old Posted Jun 9, 2017, 8:15 PM
the urban politician the urban politician is offline
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^ What I've been saying for years
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  #319  
Old Posted Jun 9, 2017, 10:51 PM
marothisu marothisu is offline
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Originally Posted by cmmcnam2 View Post
Fairly new here, long time lurker. I've always believe one of Chicago's biggest problems was public relations, basically what the rest of the country and world thought about Chicago does not really line up with everyday realities and I know a lot of the commenters on here feel the same way. Luckily, it looks like the city is finally starting to realize this and they created a plan to bring the 4 main sectors of the city (Civic, Commercial, Education, and Arts and Culture) to promote the city on the world stage. All in all, the idea is to clean up the image, increase tourism and investment, and use the momentum to get the residents to care for, engage, promote, and work for the betterment of the city as a whole. The report is a great read, highly suggest checking it out.

https://www.thechicagocouncil.org/si...tm_content=pdf
Quote:
Originally Posted by IrishIllini View Post
Chicago has awful PR. A lot of that stems from angry conservatives spreading misinformation for political points and a lot of it is self-inflicted. Great to see the City is finally "woke" and working to address these issues. There's no reason places like Boston, DC, NYC, or even Philadelphia can post population gains and we cannot. Chicago is far better equipped than all but NYC to contribute to the knowledge economy. We have a large, education workforce, excellent transit, and we're FAR more affordable.
Yep. My girlfriend, whenever she'd visit Chicago, would say the same exact thing "Chicago has really terrible PR. It's too bad people don't know the truth." She's in marketing too (has a masters in it) which at least to me means something because she knows what she's talking about. When her parents came to visit from China, I had to convince them to come to Chicago for a few days. They didn't want to because they heard about the crime. Chicago is now their favorite American city to the point of when I was in China last month, they were completely bashing NYC and saying how much better they thought Chicago was LOL. Before their visit, they wouldn't have ever thought to say these things. Their thoughts of Chicago were pretty far behind the actuality of today.

I've always thought that Chicago needs some sort of organic campaign on social media like an instagram to show people what the city really looks like - all the facets of it. It definitely needs better PR as it's pretty awful. Can't tell you how many times I've met people, especially from other countries, who visited Chicago (maybe because they were in some sort of corporate training) and came away completely blown away of how wrong their pre-conceived notions of the city were.



The study is very interesting. Will anyone take action on it? The thing about international population and what not is interesting. I've always felt strongly about that and it's something the city needs to get better at, and encourage companies to take more risks on. I had met a number of international people who had to move away from Chicago or couldn't move to Chicago when they wanted to because nobody wanted to sponsor them for a visa. Also interesting that they only look at unemployment until 2014, 3 years ago. That data is readily available and Chicago has reduced its metro and city unemployment rate a ton - and surpassed now many cities as far as reduction goes. Back in 2014 that wasn't the case, but it's much better today. I don't necessarily agree with all aspects of the report. One of them for example says that Los Angeles hasn't recovered from the recession which is completely false as of June 2017. Same as Chicago - it has recovered, but they're only comparing to 2014. It's weird because they were using 2015 ACS but were only using 2014 unemployment numbers when you could freely go online right now and get March or April 2017 employment data. In any case, the study is interesting and I do agree with the spirit of a lot of it. Chicago has a ton of positives - a lot more than people think. It needs better international PR and to keep improving its globalness. Also fix some of the major issues at home of course.
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Last edited by marothisu; Jun 9, 2017 at 11:12 PM.
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  #320  
Old Posted Jun 12, 2017, 2:16 PM
OrdoSeclorum OrdoSeclorum is online now
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Originally Posted by marothisu View Post
I've always thought that Chicago needs some sort of organic campaign on social media like an instagram to show people what the city really looks like - all the facets of it. It definitely needs better PR as it's pretty awful. Can't tell you how many times I've met people, especially from other countries, who visited Chicago (maybe because they were in some sort of corporate training) and came away completely blown away of how wrong their pre-conceived notions of the city were.
For better or worse, this was exactly why I was so bummed when we missed out on the Olympics. Three weeks of wall-to-wall puff pieces where reporters from every country in the world are in the parks and beaches, eating pizza and Italian Beefs (beeves?) out in the neighborhoods? You literally cannot buy that kind of exposure.
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