Pacific Life Expands to Charlotte: 301 Jobs and $12.3M Investment Boost Financial Hub Status

Pacific Life announced Tuesday the creation of 301 jobs in Charlotte over the next five years. The company will invest $12.3 million in Mecklenburg County. The Fortune 500 insurance company will open its third U.S. office downtown, as per a company announcement.

The Newport Beach, California-based company will lease 68,000 square feet across three floors at the Queensbridge Collective, with full occupancy expected in 2028. Until the permanent space opens, the company has secured a temporary lease of 25,000 square feet in uptown Charlotte, less than a mile away.

"Attracting and developing leading talent is central to Pacific Life's growth strategy," said Pacific Life President and CEO Darryl Button in the Business Wire statement. "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."

The new positions will pay $176,250 per year on average. That's double the Mecklenburg County average wage of $86,830.

Jobs will span actuarial, finance, technology, and human resources roles. Some technology positions don't require a college degree, according to city officials.

Pacific Life has operated for nearly 160 years. It ranks No. 272 on the Fortune 500 list with $239 billion in assets. The company offers life insurance, annuities, and employee benefit products to individuals and families, along with investment services to businesses and pension plans.

"Companies like Pacific Life know they can find the deep pool of specialized talent they need in North Carolina," said Governor Josh Stein in a statement posted at the official Mecklenburg County website. "Charlotte's national reputation as one of the nation's top financial services centers continues to attract great companies to our state."

The state will provide $5.5 million in tax incentives over 12 years through the Job Development Investment Grant program. State officials project the expansion will grow North Carolina's economy by $2.1 billion, with a return on investment for public dollars reaching 335%.

"Charlotte's firing on all cylinders these days, and it's a thrill to welcome another industry leader like Pacific Life to North Carolina," said Commerce Secretary Lee Lilley in a statement, as reported by Queen City News.

This expansion follows other recent relocations to Charlotte in the past 12 months, including Citigroup, AssetMark and SoFi Technologies. These companies have created more than 2,400 new jobs and $215.3 million in capital investment.

The Queensbridge Collective is a $700 million mixed-use development. It features 42 stories for apartments, retail and restaurants and a 43-story office tower. The project sits on about 2.75 acres on the border of South End and uptown at 1111 S. Tryon St.

Moore and Van Allen, North Carolina's largest law firm, signed a 15-year lease last month to become an anchor tenant in the office tower. The development is now more than 85% pre-leased before beginning vertical construction on the second tower.

Builder Riverside Investment and Development and its partners Woodfield Development and PGIM Real Estate expect to complete construction by 2028. Work on the second tower begins this year. The framework for the first tower was completed in February after breaking ground in May 2023.

The Queensbridge Collective location features a fitness and wellness center, a one-acre outdoor green space, and access to retail and dining options. It's one block away from a light rail station.

The interim location will be available in early 2026, said Laura Cushing, executive vice president and chief people experience officer, according to the Business Wire statement.