California-based eBay Inc., which acquired Braintree in 2013, plans to add 360 jobs in the next three years, confirmed Gov. Pat Quinn's office, which is providing $12 million in state incentives.
Crain's last month reported Braintree's lease for 60,000 square feet at the Mart in River North. It will move there in the third quarter, from 27,000 square feet at 111 N. Canal St. in the West Loop.
Braintree, owned by eBay, is moving to the Merchandise Mart.
San Jose, California-based eBay doesn't plan to waste time filling Braintree's significantly larger Chicago space. The PayPal parent has pledged to create 216 new full-time jobs by March 2016 and another 144 by March 2017.
If it meets those targets, eBay will receive $12 million in Economic Development for a Growing Economy (EDGE) tax credits paid over 10 years by the Illinois Department of Commerce and Economic Opportunity, Mr. Quinn's office confirmed.
$24 MILLION INVESTMENT
“EBay Inc. is built on innovation and we welcome its interest in providing quality jobs for Illinoisans,” Mr. Quinn said in a statement. “By coming here, it will benefit from our state's leadership in emerging technology and from access to a workforce with skills that are second to none.”
Under the EDGE agreement, eBay will invest $24 million toward expanding Braintree in Chicago.
It was acquired by eBay for $800 million late last year. Spokeswomen for Braintree and eBay and Braintree CEO Bill Ready did not respond to questions about what is driving the rapid growth or how many people Braintree currently employs in Chicago.
The number is 140, according to a DCEO spokesman.
"Everyone at Braintree is pumped to be moving to bigger digs in Chicago to support our growth, just six months after joining the PayPal family," Mr. Ready said in a statement. "We're looking forward to moving into our office space at the Merchandise Mart soon and continuing our involvement in the budding Chicago tech scene."