News Summary
Hasbro has announced its decision to move its headquarters from Pawtucket, Rhode Island, to Boston’s Seaport District, facilitated by a $14 million tax break. The relocation is expected to be completed by the end of 2026, bringing approximately 700 jobs to a new facility. Governor Maura Healey emphasizes the move’s significance for Massachusetts’ economy. Despite efforts from Rhode Island to retain Hasbro, the company sought a more vibrant business atmosphere. The new headquarters will oversee operations for popular brands like Monopoly and Nerf.
Massachusetts has secured a significant business move as Hasbro, the renowned toy manufacturer, has announced its decision to relocate its headquarters from Pawtucket, Rhode Island, to Boston’s Seaport District. The board’s approval of a tax break of up to $14 million was facilitated by Massachusetts’ Economic Development Incentive Program, marking a pivotal step in Hasbro’s strategy to invest in a talent-rich environment.
The relocation is projected to be completed by the end of 2026, with Hasbro planning to move approximately 700 jobs to a new facility at 400 Summer St. The location encompasses 265,000 square feet spread across seven floors and will be subleased from Foundation Medicine, a subsidiary of Roche. In addition to the new space, Hasbro will invest $25 million in renovations to transform the area into a state-of-the-art headquarters.
Governor Maura Healey and the Massachusetts government played a crucial role in facilitating Hasbro’s move, emphasizing the relocation’s significance for the state’s economy and its potential to enhance Massachusetts’ reputation as a hub for innovation and consumer industries. Alongside Hasbro, other companies such as Voya Financial and Entegris are also receiving tax credits to expand operations within the state.
The relocation comes following Rhode Island’s efforts to retain Hasbro, which included incentives totaling up to $50 million. Despite these measures, the company decided to move, citing the need for a more vibrant business atmosphere. Hasbro’s current headquarters in Pawtucket has nearly 100 years of history, and the shift to Boston is indicative of a broader trend where major companies seek advantageous locations that boost their operational capabilities.
The Boston office market is currently experiencing fluctuations in leasing demand, with a noticeable decrease in sublease availability. This move is expected to contribute positively to the local economy, particularly given the current jobless rate in Massachusetts, which stands at 4.8%, higher than the national average.
Despite relocating its headquarters, Hasbro will continue to maintain a significant presence in Renton, Washington, focusing on its gaming and digital divisions. The new Boston headquarters will oversee major operations related to the company’s wide-ranging toy portfolio, which includes popular brands like Monopoly, Nerf, Transformers, and Play-Doh.
Furthermore, Hasbro’s sublease at its new location in Boston lasts for 11.5 years with options for two additional 10-year extensions, indicating a firm commitment to the area. The company’s headquarters will soon pivot to a location that not only symbolizes growth but also aligns with a growing trend of businesses relocating to more strategic environments as they aim for enhanced operational efficiency and talent acquisition.
Deeper Dive: News & Info About This Topic
- Boston Globe: Hasbro Tax Credits Massachusetts
- Bloomberg: Hasbro Moves Toy Headquarters to Boston
- Statehouse News: Joy and Jobs as Mass Welcomes Hasbro HQ Move
- Rhode Island Current: Hasbro’s Potential Move to Massachusetts
- Commercial Search: Hasbro Pulls Up Stakes for Boston HQ
- Wikipedia: Hasbro
- Google Search: Hasbro headquarters Boston
- Google Scholar: Hasbro economic impact Boston
- Encyclopedia Britannica: Hasbro
- Google News: Hasbro Boston move
Author: STAFF HERE PROVIDENCE WRITER
The PROVIDENCE STAFF WRITER represents the experienced team at HEREProvidence.com, your go-to source for actionable local news and information in Providence, Providence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as WaterFire, Rhode Island International Film Festival, and Rhode Island Comic Con. Our coverage extends to key organizations like the Greater Providence Chamber of Commerce and Providence Warwick Convention & Visitors Bureau, plus leading businesses in finance and manufacturing that power the local economy such as Citizens Financial Group and Textron. As part of the broader HERE network, we provide comprehensive, credible insights into Rhode Island's dynamic landscape.
