There may be little more prosaic than a railcar, but a new office in Charlotte is plenty exciting in terms of design and economic impact.
TTX owns more than 175,000 railcars, which are used by the eight large U.S., Canadian and Mexican rail companies that own the business. It has moved its headquarters to Charlotte from Chicago and held an opening celebration Wednesday for local officials to showcase its stylish offices.
The South End location includes two floors in The Line building, a 16-story building that abuts the city’s light-rail transit line. The Gensler design firm and contractor Shelco worked with TTX to create offices with an industrial, earthy feel and lots of railroad-theme features. There are light fixtures that look like tracks; booths adorned with logs like those transported for lumber companies; and walls covered with large, blurry photos of railroad scenes.
The company represents another big headquarters win the Queen City, with TTX planning to employ about 250 people at the Charlotte offices, says Brian Powers, vice president and chief human resources officer. About 100 have transferred from Chicago, where about 160 workers were offered the opportunity to transfer South. All company managers made the shift. Meanwhile, more than 100 others have been hired locally in a wide variety of roles, he said.
TTX picked Charlotte after considering many locations; finalists included Tampa and Nashville. The decision-makers considered 15 factors, with Charlotte’s big airport playing a key role, Powers says.
“The market has exceeded our expectations,” he adds, noting that TTX has been impressed by the talent pool, including many younger workers drawn to the location that is close to many apartments, restaurants, bars and Charlotte’s center city. “I’m biased, but I think they also realize TTX is a good place to work with excellent benefits. Average wages for the headquarters jobs top $160,000, the company has said.
Incentives also helped TTX’s decision, with Charlotte’s package outpacing the other finalists. TTX is in line to receive $1.8 million from the state’s Job Development Incentive Grant program over the next 12 years, according to a deal announced last July. It pledged to invest $14.5 million and hire 150 people, which Power says is well on its way to happening. Other incentives from the state, city and county added several hundred thousand dollars in additional incentives.
TTX was founded in 1955 by the Pennsylvania Railroad, and once had about 40 owners. Industry consolidation has trimmed that number to seven, while the business has more than 170,000 railcars. Member railroads pay a mileage fee for using the cars, helping them avoid the fixed cost of maintaining their own fleet.
TTX had been based in Chicago for more than 50 years, but officials concluded it was time for a change. “Taking all factors in consideration, North Carolina and Charlotte have a more business-friendly environment,” Powers told the Chicago Sun-Times when the decision was made. He is a 26-year company veteran who spent most of his life in Chicago.
Overall, TTX employs 3,000 people, most of them assigned to rail yards at sites across the nation.
The Line is a development by Portman Holdings and CBRE Investment Management. Other tenants include Northeastern University and first-floor retailer Sycamore Brewing.