March 30, 2017

Sedgwick Claims Management Services, Inc. to Move

A headquarters consolidation by one Memphis company may mean another is on the way out of its own office.

Sedgwick Claims Management Services announced Monday, Feb. 20, that it will invest $33 million to consolidate its headquarters into a single campus, with research and development functions at the site, as well.

In the company’s application to EDGE, Sedgwick’s new headquarters would occupy 246,000 square feet, in which it is set to invest almost $34 million. The company would invest $10.4 million in renovations, with $5 million in purchases such as furniture, fixtures and computer equipment.

The 15-year PILOT would provide a tax incentive of $10.4 million, for an estimated local tax benefit of $72.3 million.

The move will create 130 jobs, paying an average of about $45,000 per year., and retain 865 jobs.

Sedgwick is also hoping to receive $18.1 million in Community Reinvestment Credit from the state.

“With 100 percent approval of all state and local incentives, we would have the resources to grow our Memphis-area workforce and secure office space that would foster our colleagues’ spirit of collaboration and innovation, said David North, president and CEO of Sedgwick.

In 2015, Sedgwick reported $1.58 billion in revenue, according to MBJ‘s most recent Top 100 Private Companies list.

Jacob Steimer covers CRE, manufacturing, finance and nonprofits for MBJ.