MassMutual to construct office building on Fan Pier in Seaport District

Above: A rendering of Fan Pier at full build out.

Massachusetts Mutual Life Insurance Company (MassMutual) has announced it will invest approximately $240 million in a new Boston campus on Fan Pier in the Seaport District, which will be over 300,000 square feet in size. MassMutual will construct the campus on an undeveloped parcel it owns, which is located at 10 Fan Pier Boulevard between the One Marina Park Drive office building and 50 Liberty luxury condominium building, and is expected to open in 2021. The campus will be comprised of a single multistory office building that will house approximately 1,000 employees. "We are thrilled to have MassMutual expand its presence and build a new campus on Fan Pier," said Boston Mayor Martin J. Walsh in a prepared statement. "MassMutual's decision to grow in Boston will give the company greater access to the growing technology and financial services industries in our city and enhance its ability to attract the best available talent. I am delighted another major employer has decided the City of Boston can contribute to its successful future."

MassMutual’s new campus will be located next to Vertex Pharmaceuticals’ two-building, 1.1-million-square-foot Fan Pier campus, and will be part of the last phase of Fan Pier’s development along with a new residential building next to the 100 Northern Avenue office tower anchored by Goodwin. Overall, Springfield, MA-based MassMutual expects to increase its’ Massachusetts workforce by approximately 70 percent by the end of 2021, and will invest nearly $300 million in the state including a $50 million investment in facilities improvements at its campus on State Street in Springfield. "Following a thorough strategic assessment of our operations and footprint, we concluded that our home state of Massachusetts is the best place for us to grow and thrive over the long term," said Roger Crandall, MassMutual Chairman, President and CEO, in a prepared statement. "We have deep roots and a supportive community in our hometown of Springfield, and we will continue to invest and grow our workforce in the city. At the same time, as we evolve, a stronger Boston presence immerses us in a booming financial and digital economy and provides us with an enhanced opportunity to recruit innovators from the area's deep and diverse talent pool." In total, MassMutual expects to create 2,000 new jobs in Massachusetts by 2021, and will receive about $46 million in state incentives contingent upon meeting this job creation goal.

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