Capital Group to open Uptown Charlotte hub with 600 jobs
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Capital Group, the Los Angeles-based global investment manager with $3.4 trillion in assets, is opening an East Coast hub in Uptown, a $60 million project that will create 600 jobs over 12 years.
Why it matters: Although the final office location is unconfirmed, a financial institution choosing Uptown for its expansion is a win. The central business district has struggled with high vacancies as companies have opted for areas like South End and Ballantyne in recent years.
Zoom in: Capital Group will close its office in Virginia's Hampton Roads area by the end of 2027 as part of the expansion plans, Bloomberg reported Thursday. Those plans also include the firm buying its headquarters tower in downtown LA.
- Positions will be in software, data and AI engineering, data science, investment operations, marketing and global business services, according to a Mecklenburg County press release.
The big picture: Charlotte, the nation's No. 2 banking city, is on a streak of landing high-profile corporate expansions, including Maersk, Scout Motors, Pacific Life, SoFi Technologies, Citigroup and AssetMark.
What they're saying: Capital Group chose North Carolina for its "strong financial services ecosystem, growing talent base, and long-term outlook," the company's COO Rob Klausner said in a press release.
Follow the money: The state awarded a Job Development Investment Grant for $17 million in reimbursements over 12 years, dependent on the company meeting job and investment targets.
- The anticipated annual payroll from the new jobs will exceed $116 million.