TTX, a railcar and freight services provider, is moving its headquarters from Chicago to South End, where it’ll add 150 jobs in exchange for millions in incentives.
What’s happening: TTX will set up shop on the top two floors of The Line, a 16-story tower along the Rail Trail, joining Sycamore Brewing, Mediterranean restaurant Chapter 6, local market Savi Provisions and Grit Box gym.
Details: TTX’s new office will be just under 70,000 square feet, with the buildout expected to be complete by this spring. The office will open in 2024 and will include a work cafe, balcony and a training facility.
- Roughly 100 employees will move to Charlotte from Chicago. The company plans to hire 50 employees from the area, per a press release.
By the numbers: TTX will invest at least $13.8 million into the company’s new offices, according to statements from the city of Charlotte and Mecklenburg County Tuesday. Jobs at the new offices will include corporate roles such as directors, managers, analysts and assistant vice presidents.
- The company did not specify where the city the new HQ will be; they’re finalizing terms of the location and will announce it once a lease is signed, a company consultant said.
Why it matters: TTX’s announcement further underscores how employers are flocking to North Carolina. Also on Tuesday, CNBC named North Carolina the No. 1 state for business for the second year in a row.
- Among the other companies investing or establishing a new presence in North Carolina recently: Italian EV company Alpitronic Americas LLC, which announced it’s moving its HQ to Charlotte in May, plus Vietnamese automaker VinFast, which is building an electric vehicle factory in Chatham County.
Incentives: The city and state are offering TTX more than $554,000 in incentives to TTX. Additionally, the state’s offering a Job Development Investment Grant worth more than $1.8 million, per CBJ. The company only receives the funds if it meets its job-creation goals.
What they’re saying: “We believe Charlotte presents a unique opportunity for TTX that provides for strategic partnerships to strengthen our business,” Thomas Wells, president and CEO of TTX said in a statement. “We also look forward to welcoming new local talent to join our existing workforce to continue to drive our long-term success.”
Of note: Gensler will design TTX’s office. CBRE Project Management will oversee the upfit. Foundry Commercial’s Meredith Ball and Claiborne Dandridge represented the owner in the lease transaction and CBRE’s Mike Fahey and Benson Browne represented TTX.
Editor’s note: This story was first published on July 11, 2023 and was updated on Nov. 1, 2023 to reflect TTX’s selection of The Line as its new headquarters.