Jewelers Mutual will open its innovation hub in North Hills
Add Axios as your preferred source to
see more of our stories on Google.
Wisconsin-based Jewelers Mutual sells insurance on jewelry. Photo: Stephanie Keith/Bloomberg via Getty Images
Jewelers Mutual Insurance Co. will open its new innovation hub in Raleigh's new One North Hills Tower.
Why it matters: The Wisconsin-based insurance group, set to create around 200 Raleigh-based technology jobs in the coming years, will join a slate of companies signing office leases in the tower.
- A growing number of retailers and restaurants have recently opened or plan to do so soon in the Main District of North Hills.
The latest: Jewelers Mutual signed a lease for a full floor of the 10-story tower, Kane Realty Corporation announced Tuesday.
- "We chose this location because we truly love the building and the vibrant community around it," John Kreul, Jewelers Mutual's chief information officer, said in a statement.
The big picture: The company's planned expansion comes as the number of office-based job expansions has slowed in Raleigh in recent months.
- About one-fifth of office space in the Triangle is vacant right now, as the pandemic era's push toward remote work becomes entrenched, Axios previously reported.
- Kane predicted early last year, however, that there will be a strong desire for companies to move into offices in amenity-rich locations, whether that is downtown or at North Hills.
What they're saying: "Recent office leasing activity at North Hills is a testament that companies are truly seeing the value in being located not just in Raleigh and not just in an office space, but in a workplace that provides an ideal environment for their employees and clients to meet, collaborate, innovate, and be productive," Hooker Manning, director of office leasing at Kane Realty, said in a release.
Catch up quick: North Carolina's Economic Investment Committee approved an incentive package last month that would grant Jewelers $3.2 million in incentives if it meets its hiring goals.
- It would also get $150,000 from the city of Raleigh and Wake County.
- Jewelers is expected to invest $5.8 million in the new local office by the end of next year and create the new jobs between 2025 and 2029.