Business

MetLife to build third tower in Cary, add to 1,000-plus workforce

Highwoods will build a third office building for MetLife in Cary. The company currently has twin office towers, Met 1 and Met 2. The 26.5 acre campus on Weston Parkway in Cary employs more 1,000 people. MetLife expects to hire additional staff for its expanding Global Technology Campus.
Highwoods will build a third office building for MetLife in Cary. The company currently has twin office towers, Met 1 and Met 2. The 26.5 acre campus on Weston Parkway in Cary employs more 1,000 people. MetLife expects to hire additional staff for its expanding Global Technology Campus. hlynch@newsobserver.com

MetLife, the global insurance and asset management firm, plans to add a third office tower in Cary, where the company already employs more than 1,000 people.

MetLife expects to hire additional staff for its expanding Global Technology Campus, but spokesman Tony Varnon said it was too early to provide details.

“With the third building, there will be new roles in North Carolina,” Varnon said. “We’re still sort of in the early planning stage.”

Construction is set to begin this summer and the 7-story office building is expected to be completed in less than two years.

The new building will be similar to the pair of towers fronting on Lake Crabtree and near Interstate 40. The 219,000 square foot building will bring MetLife’s total occupancy to 655,000 square feet.

MetLife’s two buildings house engineers, software developers and project managers who develop technology to cater to MetLife’s 100 million customers in 50 countries.

In 2013, MetLife was awarded a state incentives package worth more than $87.2 million in exchange for promising to create more than 2,600 jobs, to be split evenly between Cary and Charlotte, and to invest $125.5 million in North Carolina.

The company has qualified for full incentive payouts, receiving $3.8 million for 2014 and $6.5 million for 2015. The company reported 3,159 jobs in the state in 2015, exceeding its hiring targets, said David Rhoades, spokesman for the N.C. Department of Commerce. Incentive and hiring information for 2016 is not yet available.

Raleigh-based Highwoods Properties will build the $63 million office and lease it back to MetLife in a long-term contract. The investment will bring Highwoods’ total MetLife outlay to $172 million.

John Murawski: 919-829-8932, @johnmurawski

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