The City of Philadelphia has offered a $4.5 million high impact forgivable loan to support Chubb’s expansion in Philadelphia
PHILADELPHIA — Today, Mayor Cherelle L. Parker announced that Chubb has opened its new Philadelphia Office Tower in a state-of-the-art building at 2000 Arch Street. The 18-floor, 438,000-rentable-square-foot, LEED Platinum-certified building represents a $380 million investment in the city and will serve as a workplace for nearly 3,000 Chubb employees. Chubb provides a paid apprenticeship program for city residents who have been building their skills through routes other than a four-year college. Chubb is the world’s largest publicly traded property and casualty insurance company. The new building, constructed from the ground up, marks one of the largest private investments in Center City Philadelphia in recent years.
The $4.5 million high impact forgivable loan offer to Chubb from the Parker Administration is to be administered by the Department of Commerce, Office of Business Development. Throughout the past few years, the City of Philadelphia, in partnership with the Pennsylvania Department of Community and Economic Development (DCED) has closely assisted Chubb in discovering opportunities and resources in Philadelphia. Our suite of services includes customized site visits and meetings with ecosystem partners.
“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.”
“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.”
“Our team remains committed to attracting and retaining companies of all sizes while supporting economic opportunity for residents across Philadelphia,” said Karen Fegely, Acting Commerce Director, City of Philadelphia. “This grand opening affirms that Philadelphia is equipped to support the long-term growth of companies. Chubb’s investment strengthens our local economy with quality jobs, tax revenue and more opportunity for our local residents. We look forward to the company’s continued growth and long-term success in our city.”
“2000 Arch Street is a statement of Chubb’s belief in Philadelphia, our commitment to this city, and our intention to remain rooted here for generations to come,” said Juan Luis Ortega, Executive Vice President, Chubb Group, and President, North America Insurance. “We are grateful to Mayor Parker and the City of Philadelphia for their steadfast support of this project these last few years as we open this next chapter.”
The opening reinforces Chubb’s deep, centuries-long ties to Philadelphia, where its oldest subsidiary, the Insurance Company of North America, was founded in 1792 near Independence Hall as the nation’s first stock insurance company.
Parker Administration – Ongoing Efforts
In 2025, Mayor Parker made Philadelphia more globally competitive by securing 56 major business attraction and retention wins, positioning Philadelphia as an international economic hub. 10,000+ jobs were retained or created through the Department of Commerce Office of Business Development’s business attraction, expansion, and stabilization programs.
Mayor Parker launched PHL PRIME (Project Review and Infrastructure Made Easy) to support high-impact economic development projects that lead to new quality jobs, transformative investments, and inclusive economic growth in Philadelphia. PHL PRIME is led and managed by the Office of the Mayor, Department of Commerce, Department of Planning and Development, and the Managing Director’s Office.
These efforts complement the Parker Administration’s PHL Open for Business initiative, which commits to creating a business-friendly government that removes regulatory burdens, speeds up approval timelines, and streamlines City permitting and licensing processes for all businesses. Through PHL PRIME, the Parker Administration works closely to coordinate across agencies, identify barriers early, and move priority projects with speed from planning to completion.