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Capital One Financial Chooses Chicago’s Loop For Its Third National Service Hub

Area Development Online News Desk (12/07/2012)
Capital One Financial Corporation will house one of its three US Card business service hubs in 65,000 square feet of office space in the Loop, Chicago’s central business district, with plans to eventually accommodate 350 associates.

Capital One will be subleasing approximately 65,000 square feet of office space in the former headquarters of United Airlines, at 77 West Wacker Drive, in the building owned by State Teachers Retirement System of Ohio. Capital One expects to move into the space in the fourth quarter of 2013. Mayor Rahm Emanuel office said Chicago will join McLean and Richmond, Va. as the primary hubs for Capital One’s U.S. Card business and supporting staff functions.

“Since our acquisition of the HSBC U.S. credit card business last May, we have been working hard to determine the best footprint for our business and we’ve found that Illinois understands and appreciates the critical importance of a strong financial services industry,” said Ian Cunningham, Managing Vice President, Capital One U.S. Card. “Chicago is a dynamic city and the space downtown is a perfect fit for our needs. 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 an incredibly talented workforce.”

The Mayor’s Office, in conjunction with the City of Chicago’s Department of Housing and Economic Development, worked directly with Capital One to encourage the company to move downtown.

"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’s Mayor said. "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 currently has approximately 1,000 associates in the Chicagoland area and expects to grow its presence over the next 24 months as the company moves from existing to new locations, including the Rolling Meadows Atrium Corporate Center. The majority of associates at the downtown location will relocate from other sites across the Chicago suburbs, the Mayor said.

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