Pacific Life Signs 68,000-SF Office Lease at Queensbridge Collective in Charlotte

CHARLOTTE, N.C. — Pacific Life Insurance Co. plans to bring 301 jobs to Charlotte as part of a $12.3 million expansion that includes a 68,000-square-foot office real estate lease at Queensbridge Collective, according to a news release from North Carolina Gov. Josh Stein.

Pacific Life Expands East Coast Operations

The Newport Beach, California-based insurance company will lease three floors in the second tower of the Queensbridge Collective development, which is under construction. Pacific Life is expected to move into the new space in 2028 and will lease temporary space nearby in the interim.

Darryl Button, president and CEO of Pacific Life, said the company’s decision to expand in Charlotte reflects its focus on attracting and developing talent. “Charlotte is home to a thriving workforce, and we look forward to welcoming new talent to the Pacific Life team to help drive our long-term success,” Button said in the release.

State Incentives and Economic Impact

The expansion will be supported by a Job Development Investment Grant approved by North Carolina’s Economic Investment Committee. Over the 12-year term of the grant, the project is expected to grow the state’s economy by $2.1 billion. The agreement authorizes potential reimbursement to the company of up to $5.53 million. Average annual compensation for the new positions will be $176,250, generating an annual payroll impact of more than $53 million, according to the release.

Gov. Stein said that companies like Pacific Life are drawn to North Carolina’s strong talent pool and Charlotte’s reputation as a financial services hub.

Queensbridge Collective’s Mixed-Use Development

The Queensbridge Collective project, developed by Riverside Investment and Development, includes a mix of office real estate and multifamily real estate. The second tower will feature 356,000 square feet of office space across the top 17 floors and 346 multifamily units on the lower levels. Construction began in September after Moore & Van Allen, a Charlotte-based law firm, signed a 15-year lease for 206,000 square feet across the top nine floors.

The first phase of Queensbridge Collective, located at 111 E. Carson St., includes a 42-story multifamily tower expected to deliver soon. CBRE is handling leasing for the project.

Sources

Source: Riverside Investment and Development