PHILADELPHIA | Chubb @ 2000 Arch | 257 FT | 18 FLOORS

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Behind Chubb's move to double down on office space with new $430M Philadelphia tower

n mid-2019, Chubb searched for a new Center City office location. Three-and-a-half years later, the giant insurance company finally unveiled its plans last week for a $430 million tower at 2000 Arch St.

In between, a global pandemic halted any planning for more than a year. Companies’ office usage changed dramatically. Rather than shrinking its desired footprint, Chubb (NYSE: CB) doubled down. After initially seeking about 400,000 square feet, Chubb signed a 23-year lease for 438,000 square feet in a yet-to-be-built building.

“We are true believers in building relationships and the benefits of face-to-face contact that being in an office offers,” Chubb President and COO John Keogh said at last week’s announcement. “We thrive at Chubb being with one another. And we thrive on being part of a city, particularly a vibrant city like Philadelphia.”

Chubb says the project will house 3,200 employees, including 1,250 new positions. Chubb currently has 1,700 employees split between a 361,000-square-foot building it owns at 436 Walnut St. and 140,000 square feet it leases in a building at 510 Walnut St.

Partnering with Parkway on a new building in Philadelphia was an emphatic statement about the company’s feelings on office space. Construction is planned to begin in early 2023 and scheduled to open in 2026.

“We’re making this move because we believe in this city, its people and the opportunity that it provides,” Keogh said.

Article behind paywall here:
https://www.bizjournals.com/philadelphia...fice-tower-philadelphia-center-city.html