Pacific Life Expands in Charlotte with $12.3M Investment, 301 New Jobs
This expansion is projected to create 301 jobs over the next five years with an average annual salary of $176,250, significantly above the Mecklenburg County average wage of $86,830. The new office will occupy 68,000 square feet across three floors at the Queensbridge Collective development, with full occupancy expected by 2028. Pacific Life has temporarily leased 25,000 square feet nearby to accommodate operations while the new site is completed.
This expansion marks Pacific Life's third U.S. location, adding to its workforce of more than 4,500 employees. The new office will focus on roles in actuarial, finance, technology, and human resources. Notably, several technology positions will not require a college degree, indicating a diverse hiring strategy. The company will benefit from $5.5 million in state tax incentives across 12 years contingent on meeting job creation and investment targets.
Charlotte's reputation as a growing financial services hub has attracted multiple insurance and financial firms. Recent collaborations between the city and Mecklenburg County have supported relocations and expansions of other companies like Citigroup, AssetMark, and SoFi Technologies, generating over 2,400 jobs and $215.3 million in capital investments. Local municipal incentive packages for Pacific Life's project are pending final approval in upcoming public meetings.
The Queensbridge Collective, a $700 million mixed-use development, includes a 42-story residential tower and a 43-story office tower with over 300 apartments. Pacific Life's lease there spans 11 years. The office tower's first phase was topped out in February 2024, with construction starting on the second phase later this year. The development is driven by Riverside Investment and Development, Woodfield Development, and PGIM Real Estate, and is reportedly over 85% pre-leased before vertical construction began.
This expansion is strategically significant for Pacific Life, reinforcing its East Coast presence amid a competitive insurance market. It also underscores Charlotte's growing role as a financial services center offering opportunities in various insurance-related fields, ranging from actuarial science to technology and HR, enhancing regional economic growth and employment.