Capital One Financial Corporation is set to open a new office space in the Chicago’s central business district, known as “the Loop.” The announcement comes from the company and Mayor Rahm Emanuel. Capital One will sublease around 65,000 square feet of office space in the building—owned by State Teachers Retirement System of Ohio and located at 77 West Wacker Dr.
The new office, in the former headquarters of United Airlines, will house the company’s U.S. Card business and accommodate around 350 associates. Capital One expects to move into the space in the fourth quarter of 2013. With this move, Chicago will become a primary hub for the company’s U.S. Card business and supporting staff functions, alongside McLean and Richmond, Va.
“Capital One’s decision to locate its U.S. Card business in Chicago is a testament to the vibrancy, talent and quality that our downtown has to offer,” said Chicago Mayor Rahm Emanuel. “We look forward to a great partnership with Capital One and the tremendous value they will bring to our local community, as the company creates jobs now and in the future.”
Capital One expects to grow its presence in the Chicagoland area over the next 24 months as the company moves from existing to new locations, including the Rolling Meadows Atrium Corporate Center. The company currently has around 1,000 associates in the area, and the majority of associates at the downtown location will relocate from sites across the Chicago suburbs.
Ian Cunningham, managing vice president of Capital One U.S. Card, said since the company acquired HSBC U.S. credit card business in May, they have been working hard to outline the best footprint for their business and found Illinois best understood and appreciated the importance of a strong financial services industry.
“Chicago is a dynamic city, and the space downtown is a perfect fit for our needs,” said Cunningham. “It is a great location that provides us with access to all the resources that the city has to offer—transportation and an experienced and incredibly talented workforce.”
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