HSBC Moving U.S. Headquarters

A unit of the London-based bank has chosen a new home.
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HSBC

(HBC)

said it will move its North American headquarters from one Chicago suburb to another.

The big London-based bank said Mettawa, Ill., will be the site the new corporate headquarters of its HSBC North America Holdings unit. The unit was previously located in nearby Prospect Heights.

The company said construction of a 440,000 square-foot headquarters building will begin this spring, with occupancy targeted for the first quarter of 2008. The company said nearly 2,400 employees will work in the building by summer 2008.

HSBC will lease the facility over a 13-year term, with the option of renewing the lease for up to 30 years. The company said it evaluated more than 50 locations in Lake County and in northern Cook County before selecting the Mettawa site.

"Our new facility will support our continued growth plans while offering the greatest convenience for the overwhelming majority of our Chicagoland employees," said Steve Gonabe, HSBC North America's executive vice president of administration.