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Chicago Business Update


Unstoppable. This is how Chicago business is doing even at the first month of the year with many new companies moving or expanding in the area.

Here are some updates on Chicago’s business going full speed in 2014.

·         Billionaire Sam Zell, equity group buys Lake Forest property.  According to Crain’s Business, “For the first time in seven years, real estate billionaire Sam Zell is a suburban Chicago landlord. A joint venture between Mr. Zell's Equity Group Investments LLC and Chicago-based Fulcrum Asset Advisors LLC paid $13.1 million Jan. 16 for a 105,000-square-foot office building in north suburban Lake Forest that's about one-quarter vacant, according to Lake County records.”

·         The state of Illinois plans to invest $3.5 million in a second business incubator for downtown Chicago, Crain's Chicago Business reported. The state-sponsored business incubator, which will house biotech and pharmaceutical startups, will be modeled on the highly successful 1871 incubator, www.1871.com, which has served as a base for dozens of emerging digital firms, Crain's reported. Illinois Gov. Pat Quinn is expected to announce in his State of the State speech Wednesday that the state's is making a $2.5 million grant and a $1 million loan to the center, which will occupy 25,000 square feet downtown, possibly at the Merchandise Mart.   

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