Sara Lee, the company behind Ball Park Franks, Hillshire Farms and Jimmy Dean, is planning on moving its corporate headquarters to the West Loop, the company announced with Mayor Rahm Emanuel Thursday morning.

The company’s new headquarters will be at 400 S. Jefferson St. in the West Loop, and will bring from 500 to 650 jobs along with it.

“This is a huge win for the city of Chicago, as Sara Lee Corporation has chosen the city to be the home of the new North American Meats company,” Emanuel said in a press release. “The new company will bring these high-paying jobs to the city, as well as its first-class brands and leadership in this key sector.”

Sara Lee left Chicago for Downers Grove in 2005, but is planning a corporate divorce between its meats and beverage businesses, with coffee and tea moving to Europe.

Emanuel and the city wooed Sara Lee with promises of between $5 and $6.5 million in funding from tax increment financing, a pool of the city’s property tax money diverted for economic development. Sara Lee will get $10,000 for every job that’s held in the new offices by 2014, a year after their projected move-in date of 2013. That deal must be approved by the City Council.

Sara Lee’s executive chairman, Jan Bennink, said in the press release that he looked forward to moving into the new building.

“Today, we strengthen our long relationship with our hometown, the city of Chicago,” Bennink said. “This move will put our new company’s headquarters in the heart of one of the world’s business capitals and will be one of the key elements of building our more nimble, creative and innovative culture.”

The building that currently sits at 400 S. Jefferson used to be a printing facility, according to Crain’s Chicago Business’ Greg Hinz. The press release said Sara Lee is planning to rehab it with “high sustainability standards” and LEED certification.