Business

MassMutual Plans Boston Expansion, $300 Million Investment

The financial services giant aims to renovate its Springfield headquarters and increase its Massachusetts-based workforce by 70 percent by the end of 2021.

Massachusetts Mutual Life Insurance is betting on the Bay State.

The financial services giant, one of the largest private companies in Massachusetts, is set to invest up to $300 million in the state and expand to Boston. MassMutual’s new city digs—planned to open by 2021—will comprise a gigantic $240 million, 300,000 square foot office in the Seaport. Roughly 1,000 employees will work from the Hub campus, which will sit on property in Fan Pier, the company announced in a press release.

MassMutual is also doubling down on its commitment to other parts of the state. The Springfield-based company aims to expand its home-office workforce by roughly 50 percent to 4,500 employees total and will invest $50 million to renovate its headquarters. MassMutual said the area is an appealing expansion locale because of our skilled local workforce, diversity, and infrastructure, according to the press release.

“Our home state of Massachusetts is the best place for us to grow and thrive over the long term,” Roger Crandall, the president and CEO of MassMutual, said in a statement. “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 exchange for job creation and financial investment, MassMutual will receive an incentive package worth around $46 million from the Commonwealth. The receipt of those benefits is predicated on the company fulfilling its commitment to adding 2,000 new jobs to the state.

MassMutual’s local expansion comes, to some extent, at the expense of its outposts elsewhere. The Hartford Courant reports the company is shuttering its Enfield, Connecticut office, which employs 1,500 people just over the state border. MassMutual will also close offices in New Jersey, North Carolina, Pennsylvania, and Tennessee, according to the Boston Globe

The financial behemoth joins several other established companies in the rapidly developing Seaport. MassMutual’s new neighbors will include General Electric, PricewaterhouseCoopers, and Vertex Pharmaceuticals.