Massachusetts Mutual Life Insurance Company today broke ground for a 17-story, 310,000-square-foot building at 10 Fan Pier Boulevard in Boston, on the Boston waterfront.
The Springfield, Massachusetts-based insurer says it will be keeping its headquarters in Springfield, but that it plans to consolidate some facilities in other parts of the country. The realignment could lead to MassMutual bringing about 1,000 jobs to the new building in Boston.
(Related: MassMutual Closes on OppenheimerFunds Sale)
MassMutual now has about 1,200 employees in Massachusetts. The company says it expects to add about 1,500 employees in Springfield by 2022.
MassMutual President Roger Crandall noted in a statement that MassMutual has been based in Massachusetts since it was founded, back in 1851.
MassMutual employees angling for the best office locations should know that the building will offer terrace levels on the 13th floor as well as on the rooftop.
The Fan Pier Neighborhood
A MassMutual investment arm has been working with the Fallon Company since 2005 on creating a mixed-use neighborhood at Fan Pier.
The neighborhood now has about 3 million square feet of commercial and residential real estate, with a total value of about $4 billion, according to MassMutual.
The new building in Boston was designed by Elkus Manfredi Architects.
The Fallon Company is the developer. Fallon hopes to complete work on the new building in 2021.
The Groundbreaking Dignitaries
Attendees at the groundbreaking ceremony included Massachusetts Gov. Charlie Baker and Boston Mayor Martin Walsh.
— Read MassMutual Prepares to Build 17-Story Tower In Boston, on ThinkAdvisor.