We break down complex business news to help you understand how money moves in Chicago and how it affects you.
Geico, the country’s third-largest auto insurer, on Wednesday announced the launch of a Chicago office in the Merchandise Mart, where it will house more than 100 employees in corporate roles, including communications, finance and marketing.
Some of Geico’s Chicago staff previously worked out of a temporary, co-working space in the West Loop, a company spokesperson said. The new downtown location spans nearly 19,000 square feet in the historic Mart.
Geico’s launch of its new Chicago hub follows March announcements of expansions in Tampa, Florida and Richardson, Texas.
“Chicago’s vibrant business community and talented workforce make it an ideal location for our new corporate hub,” Karyn Stet, Geico chief people officer, said in a news release. “This investment reflects our commitment to Chicago and our confidence in the skilled professionals who will help drive our continued growth throughout the country.”
“I am thrilled to welcome Geico’s new corporate hub to the historic Mart in downtown Chicago,” Gov. JB Pritzker said in a news release. “Not only will this expansion bring jobs and opportunity to the city of Chicago, it adds a dynamic corporate presence and committed community partner to Illinois’ business ecosystem.”
Geico, founded in 1936, is a subsidiary of Warren Buffett’s Berkshire Hathaway. It insures vehicles in all 50 states and the District of Columbia. Geico’s main headquarters is in Washington, D.C., and it has more than 28,000 employees nationwide.
The Mart is home to PayPal, Motorola Mobility and health care incubator Matter, as well as Conagra Brands, Allstate, Medline Industries, Beam Suntory, Avant and Grainger.
Grubhub, the Chicago-based food delivery company, moved its headquarters to the Mart in December 2024 from the Loop. The re-location came months before Grubhub announced 500 layoffs in February.
But Chicago’s flagship tech incubator 1871 closed its space in the Mart this month, due to financial pressures and a different business landscape since the COVID-19 pandemic. And global furniture maker KI in March announced it will leave the Mart and set up a Chicago showroom in Fulton Market.
