Zurich North America has signed a letter of intent with Motorola Solutions to purchase land for a new North American headquarters in Schaumburg at Meacham Road and I-90, relocating from its current offices on American Lane by the fall of 2016.
Zurich is now working to select a team to develop its North American headquarters. The company estimates the project will create as many as 700 construction jobs.
“Motorola Solutions is pleased to welcome Zurich as our new neighbor,” said Greg Brown, chairman and CEO, Motorola Solutions. “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.”
The property will be located in a portion of the proposed North Schaumburg Tax Increment Financing District. The TIF district is being pursued by the Village of Schaumburg to enhance the economic vitality of the area. Zurich will work with the Village of Schaumburg to obtain financial assistance under this TIF.
Zurich currently employs approximately 2,500 people in Schaumburg and also has an office in downtown Chicago. The company recently announced it is relocating its Chicago office within the Loop to a greener, more collaborative work environment. Zurich employs about 60,000 people worldwide serving customers in more than 170 countries.
According to a recent University of Illinois economic study, Zurich generates nearly $1.3 billion in economic impact annually in Illinois. For each job at Zurich, an additional 1.7 jobs are generated throughout the economy in Illinois. For every dollar paid in wages and salaries, Zurich generates an additional $1.23 in the local economy.
Motorola Solutions currently employs about 4,400 at its global headquarters in Schaumburg and also has offices in downtown Chicago. The company’s global workforce includes 22,000 employees located in 65 countries.
