Volvo to build new office in High Point
Volvo’s North American corporate headquarters will add to its local presence with a planned $15 million office building in north High Point.
The three-story, 123,000-square-foot facility will be built at 8003 Piedmont Triad Parkway, across Pegg Road from Volvo Group North America’s main campus on National Service Road next to Interstate 40 in Greensboro.
The facility will house about 700 existing Volvo employees who currently work at various sites the company leases throughout the Triad. No new jobs will be created.
The positions are from several divisions across the company, including product, customer and dealer support, as well as parts and logistics groups, said company spokesman Brandon Borgna.
Consolidating the 700 employees in one location adjacent to the main campus will “introduce more efficiencies and flexible work environments” for the company, he said.
The company has about 2,100 Triad employees.
Carolina Investment Properties, a real estate development company based in Lexington, will build the facility, which is expected to break ground in the third quarter and take about a year to complete.
“What High Point gets is a $15 million increase to the local tax base,” said Loren Hill, president of the High Point Economic Development Corp. “It’s purely a decision that made sense to them to relocate to one facility, which will be an easy walk to its main campus.”
Carolina Investment Properties, a Lexington-based real estate development firm, will build the facility and lease it to Volvo.
“It’s a 10-year lease, so it’s a big commitment to the Triad,” said Robin Team, president of Carolina Investment Properties.
Hill said the project will be the largest new construction office building in the Triad in probably a decade. Once the site is fully staffed, Volvo will be among the top 20 employers in High Point, he added.