Zurich North America announced it has signed a letter of intent with Motorola Solutions to acquire land for a new North American headquarters that will allow the company to remain in Schaumburg, Ill.
Zurich is currently working to select a team to develop its new world-class North American headquarters at Meacham Road and I-90. The company announced that it will relocate from its current offices on American Lane to the new headquarters by the fall of 2016.
According to company estimates the project will create up to 700 construction jobs.
The new property is located in a portion of the proposed North Schaumburg Tax Increment Financing District. The Village of Schaumburg is pursuing the TIF District in order to enhance the economic vitality of the area.
“Our decision to remain in Schaumburg for Zurich’s North American headquarters reflects our commitment to providing the best possible working environment for our employees as well as our long relationship with the community and our recognition of the new site’s impressive potential,” Says Mike Foley, CEO of Zurich North America Commercial. “We look forward to continuing to be an active part of this community and the broader Chicago area which has been home to our U.S. headquarters for more than 100 years.
“I especially want to thank Governor Quinn and the Department of Commerce and Economic Opportunity as well as Schaumburg Village President Al Larson and the Village Board for working so closely with us to keep our headquarters and people in Schaumburg and Illinois.”
Zurich employs about 2,500 people in Schaumburg, and about 60,000 worldwide. It also has an office in downtown Chicago, which it intends to relocate within the Loop.
The University of Illinois recently released an economic study and found that Zurich generates close to $1.3 billion in economic impact annually in Illinois and that for each job created at Zurich, an additional 1.7 jobs are generated throughout the economy in Illinois.
“Zurich’s investment in Illinois means jobs and growth for the Illinois economy,” says Adam Pollet, director of the Illinois Department of Commerce and Economic Opportunity. “Illinois is a magnet for corporate headquarters with our skilled workforce, central location and innovation hubs. We are working hard to bring more headquarters operations to Illinois and to help existing headquarters expand as these offices create and sustain good paying jobs for our state.”
Chairman and CEO at Motorola Solutions, Greg Brown, said: “Motorola Solutions is pleased to welcome Zurich as our new neighbor. We remain committed to keeping our global headquarters in Schaumburg and are pleased to put this valuable space on our campus back into productive use in a way that adds value to the community.”
Image Courtesy of: www.ci.schaumburg.il.us