Insurance giant Arthur J. Gallagher & Co. is seeking to expand its Rolling Meadows global headquarters with the construction of a new four-story building on its corporate campus at 2850 Golf Road. The move, which hinges on the approval of local and state tax breaks, would keep the company in the Chicago metro rather move to a Houston-area location as the firm has hinted.
As first reported by the Daily Herald, the proposed construction would add the $45.6 million development to a 352,000-square-foot parcel adjacent to an existing parking garage. The new building, necessary to contain the 700 new employees that Gallagher intends to add, would feature state-of-the-art conference areas, huddle rooms, phone rooms and workstations.
The country’s fourth-largest commercial insurance brokerage, Gallagher has been on an acquisition spree. In just the last month, the company has absorbed IBS Re Singapore, R.T. Beers & Company Insurance Services, Buckman-Mitchell, Inc., JP Tech Insurance Services and Meridian One Corporation.
Gallagher has called their 315,000-square-foot offices home since moving from Itasca in April 2017. The rehabbed offices, designed by Wright Heerema Architects and constructed by Leopardo, features built-out dining options, a commercial kitchen, conference rooms, rooftop terrace, a fitness club and executive office spaces.
“They’ve gotten to the point where they’re at the end of the seams and they really are filled at that building,” Rolling Meadows city manager Barry Krumstok said to the Daily Herald.
Gallagher has applied for a Cook County Class 7B tax incentive, allowing the property to be assessed at a graduated rate of 10 percent of market value for 10 years up to 20 percent in the 12th year, rather than the standard 25 percent. The county board has yet to decide on the tax incentive package, but the village of Rolling Meadows has thrown its support behind the plan. If approved, construction would begin next year and wrap up by the end of 2021.
