News Summary
Hasbro, Inc. is set to move its headquarters from Pawtucket, Rhode Island, to Boston’s Seaport District. This strategic decision, influenced by Boston’s vibrant business environment, will involve at least 700 employees moving by late 2026. The new location at 400 Summer St. will house core corporate functions for the toy-making giant. Massachusetts offers tax incentives to support this transition, which is expected to reshape local employment and economic dynamics significantly.
Boston, MA – Hasbro, Inc. has announced its plans to relocate its headquarters from Pawtucket, Rhode Island, to Boston’s flourishing Seaport District. The move, projected to significantly reshape the economic landscape of Pawtucket, where Hasbro has operated for nearly a century, will see the company establish its new base at 400 Summer St., a modern 16-story structure boasting 630,000 square feet of space.
Under this new arrangement, Hasbro will lease approximately 265,000 square feet over seven stories dedicated to its primary corporate functions, including toys, board games, and licensing businesses. The transition is expected to involve at least 700 full-time employees, who will migrate from Rhode Island to Boston by the close of 2026.
The relocation decision was influenced by several factors, including the vibrant business ecosystem and cultural landscape surrounding Boston. Hasbro’s executives have indicated that these elements played a critical role in their choice to move away from their aging headquarters in Pawtucket.
Hasbro’s announcement confirms plans to make the transition by fall 2024. The company had previously been courted by authorities from both Rhode Island and Massachusetts, with efforts to retain the organization intensifying in recent months. In November 2023, the state leaders from Rhode Island proposed various incentives to encourage Hasbro to keep its operations in the state.
Massachusetts officials have welcomed the news, with the Healey administration confirming that Hasbro will be entitled to receive $14 million in tax credits through the state’s Economic Development Incentive Program. Governor Maura Healey highlighted the move as a significant boost to local employment, projecting the creation of hundreds of new jobs within Massachusetts.
As part of this transition, Hasbro will cease all corporate operations in Rhode Island upon completion of the move. Recent board meetings discussed the logistics of relocating the headquarters; however, no formal vote on the lease for the Boston facility had been disclosed at the time of the announcement. Pawtucket’s Mayor Donald Grebien expressed cautious optimism about retaining Hasbro, as local leaders had presented prime real estate and a range of incentives to keep the company in Rhode Island. Various proposals included tax stabilization agreements and shuttle services to assist employees in commuting.
The challenge of commercial real estate prices and tax structures in Boston compared to Rhode Island has been a concern for Hasbro’s leadership. Further, Hasbro produces around 40% of its toys in China and aims to decrease this figure to 20% in the coming years, as part of its strategic business realignment.
The building at 400 Summer St. is not new to large corporate tenants, as it currently houses Foundation Medicine, which previously consolidated its operations from Cambridge to this location. The shift marks the most significant new leasing transaction in Boston for the year. Other notable companies like the Lego Group, Alexion Pharmaceuticals, and Vertex Pharmaceuticals have also transitioned to the thriving Seaport District in recent times.
Despite the looming relocation, Hasbro has confirmed its intention to maintain its philanthropic initiatives, including supporting Hasbro Children’s Hospital in Providence, ensuring community ties remain strong even after the headquarters moves.
Founded in 1923 and initially recognized as Hassenfeld Brothers, Hasbro has evolved into a dominant figure in the toy industry over the decades. The decision to relocate signifies a notable step in the company’s evolution, representing both the challenges and opportunities faced within the competitive landscape of the current market.
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Additional Resources
- WCVB: Hasbro Relocating to Boston
- Wikipedia: Hasbro
- Boston Globe: Hasbro Moves to Boston
- Google Search: Hasbro relocation
- Turn to 10: Hasbro’s Relocation News
- Encyclopedia Britannica: Toy
- Providence Journal: Hasbro Announces Move
- Google News: Hasbro Boston Seaport District
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