Capital Group is opening a major East Coast operations hub in Charlotte, the company announced in a release Thursday.

The new hub will be a base for the investment firm’s legal, compliance, technology and data work, and it will also support its domestic and international growth, according to the release. The firm said it had selected Charlotte due to the metro area’s “strong and growing talent pool” in the financial services space and its thriving business scene.

“Charlotte stood out as a natural fit for Capital Group’s next phase of growth,”  Capital Group Chief Operating Officer Rob Klausner said in a press release from the city of Charlotte.

Capital didn’t disclose the exact location of the hub, but Axios reports it will be in Uptown Charlotte.

The hub will bring in an additional $5.2B in state tax revenue over 12 years, according to the North Carolina governor’s office. The state is making available up to $17M in reimbursement funds through the state’s job development investment grant program because of the firm’s estimated $60M investment in the state.

As part of the move, the firm will close its office in Virginia’s Hampton Roads area by the end of 2027, Bloomberg reported.

In the same announcement, Capital said it would invest in its newly purchased Los Angeles headquarters. This past week, the company entered an agreement with a Brookfield Properties entity to purchase the Bank of America Plaza office tower at 333 S. Hope St. in Downtown Los Angeles. It previously leased 320K SF of office space at the tower in a long-term lease that was set to expire in 2030.

Capital boasts more than 9,300 associates in 33 offices across the world, including Asia-Pacific, Europe and North America. Sixteen of those offices are in the U.S., with four in California.