Zurich Insurance moving to Motorola site in Schaumburg
September 12, 2013 5:29PM
Updated: September 12, 2013 6:07PM
Zurich Insurance Group said Thursday that it will move its North American headquarters, a major corporate presence in Schaumburg, to part of the Motorola Solutions Inc. campus at I-90 and Meacham Road.
The company will vacate two towers it leases at 1400 American Lane in Schaumburg. It said it intends to move by fall of 2016 to about 30 to 40 acres it intends to buy from Motorola at the southeast corner of the campus.
The move will involve 2,500 employees, Zurich said. Officials said Schaumburg probably will establish a tax-increment financing district to create a subsidy for the move. State aid also is expected, as Zurich’s announcement included praise for Gov. Pat Quinn for helping in bringing about the deal.
The Illinois Department of Commerce and Economic Opportunity had no immediate details of state subsidies.
In a TIF district, taxes from future increases in property values are diverted to public improvements or developer subsidies.
A Zurich spokeswoman said a one-story building on the Motorola site will be demolished. Details of what will replace it are in flux, she said.
The new space will “provide the best possible environment for our employees,” said Mike Foley, chief executive officer of Zurich North America Commercial.
The insurer also employs about 375 people downtown in an office that will be unaffected by the headquarters relocation.