Shapiro Administration Celebrates Grand Opening of New Chubb Office Tower in Center City Philadelphia

The $380 million investment by the leading insurance company will serve as a workplace for nearly 3,000 employees.

Under Governor Josh Shapiro’s leadership, Pennsylvania’s economy is one of the strongest in the nation ― and is the only state in the Northeast with a growing economy.

Philadelphia, PA – Today, Department of Community and Economic Development (DCED) Secretary Rick Siger helped worldwide insurance leader Chubb open its new office tower in Philadelphia. The facility marks one of the largest private investments in Center City in recent years.

The 18-floor, 438,000-square-foot building represents a $380 million investment by Chubb and will serve as a workplace for nearly 3,000 employees. This new facility underscores Chubb’s long ties to Philadelphia ― its oldest subsidiary, the Insurance Company of North America, was founded in 1792 near Independence Hall as the nation’s first stock insurance company.

“Chubb’s new office tower is more than just a major investment in Philadelphia — it’s a powerful vote of confidence in Pennsylvania’s future,” said Governor Shapiro. “This $380 million project is creating opportunity, supporting thousands of workers, and helping strengthen one of the most important business corridors in the nation. My Administration is committed to making Pennsylvania the best place to live, work, and grow a business, and investments like this show that our strategy is delivering results for communities across the Commonwealth.”

The new building’s construction phase, which began in February 2023, also supported hundreds of jobs from local trade unions.

“Today’s celebration is an exciting milestone for Chubb, the City of Philadelphia, and the entire Commonwealth,” said Secretary Siger. “Chubb’s major investment in Philadelphia further strengthens the City’s dynamic economy. It also underscores Pennsylvania’s exceptional workforce, competitive business environment, and everything we have to offer to growing companies here in the Commonwealth.”

Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 Index. Chubb employs approximately 45,000 people worldwide.

“2000 Arch Street stands as a clear statement of Chubb’s belief in Philadelphia and the Commonwealth, our commitment to this city, and our intention to remain rooted here for the long term,” said Juan Luis Ortega, Executive Vice President, Chubb Group, and President, North America Insurance. “We are grateful to Governor Shapiro, Secretary Siger, and our partners across the Commonwealth for helping us open this next chapter.”

“From day one, our administration has made clear that Philadelphia is open for business and ready to compete on a global stage,” said Mayor Cherelle L. Parker. “This new office tower reflects strong confidence in Philadelphia as a world-class place to live, work, and grow. Our city offers the talent, location, affordability, and skilled workforce companies need to succeed. We thank Chubb for its continued investment in Philadelphia.”

Since taking office, Governor Shapiro and his Administration have secured over $41 billion in private sector investments, creating nearly 23,000​ jobs.

Analysis from Moody’s Analytics Chief Economist Mark Zandi confirms that Pennsylvania remains the only state in the Northeast with a growing economy. Governor Shapiro is committed to making Pennsylvania an economic development leader ― his 2026-27 state budget continues to focus on boosting the Commonwealth’s economic potential and growing the economy.

Since taking office, the Shapiro Administration has taken bold steps to strengthen the economy, attract new investment, and support our businesses.

• Cut business filing wait times from eight weeks to just two days, making it easier for entrepreneurs to start and expand their businesses.
• Increased the Net Operating Loss (NOL) Deduction Limit, allowing businesses to reduce taxable income by up to 80 percent by 2029 — keeping Pennsylvania competitive with other states. In this year’s budget proposal(opens in a new tab), the Governor proposed accelerating Corporate Net Income Tax (CNIT) cuts by two years, reducing the tax rate by 0.75 percent annually and lowering it to 4.99 percent by 2029.
• Secured $500 million in site development funding to attract businesses, create jobs, and drive long-term economic growth as part of a 10-year Economic Development Strategy to increase Pennsylvania’s competitiveness by tapping into our innovation ecosystem and talent.
• Invested $20 million in Main Street Matters expanding on the success of the Keystone Communities Program to revitalize downtown areas, help businesses grow, and improve community infrastructure.

Smart strategies and investments are creating opportunities for more businesses and ultimately delivering better services at better prices for Pennsylvanians.

For more information about the Department of Community and Economic Development, visit the DCED website, and be sure to stay up-to-date with all of our agency news on Facebook, X, and LinkedIn.

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