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MassMutual to Build $240 Million Fan Pier Campus, Add 1,500 Jobs at Springfield HQ as Part of $300 Million Expansion Initiative

Insurance Company Secures $46 Million Incentive Package to Expand its Massachusetts Workforce 70% by 2021
February 9, 2018
Massachusetts Mutual Life Insurance Co. (MassMutual) said yesterday it will invest nearly $300 million to grow its workforce at the company's Springfield, MA headquarters and expand its overall operations in the state, which will include a new $240 million campus at the Fan Pier in Boston's Seaport District.

Over the next four years, MassMutual will look to add roughly 1,500 positions at its corporate offices on State St. in Springfield, where the company has been headquartered since 1851. The expansion will include $50 million in facility improvements to accommodate staff growth, which will represent a 50 percent boost to its area workforce.

In that same period, MassMutual will construct a new 300,000-square-foot, multi-story office complex on an undeveloped site the company owns at Joseph Fallon's three million-square-foot Fan Pier development that spans nine city blocks on the South Boston waterfront. That project is expected to house approximately 1,000 MassMutual employees upon its completion.

By 2021, MassMutual will have created roughly 2,000 jobs and expanded its workforce in its home state by approximately 70 percent.

“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. “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.”

MassMutual's commitment comes with a generous incentive-laden package that could reach up to $46 million - the largest ever provided to a Springfield-based company - if contingencies are met, which include the creation of 2,000 jobs in Massachusetts.

MassMutual will shutter its Enfield, CT offices, home to roughly 1,500 employees, as part of its Springfield expansion, with the majority of Enfield employees expected to relocate to Springfield, according to The Hartford Courant. MassMutual expects to carry out additional consolidations, though the company has confirmed it will retain its offices in New York City, Phoenix and Amherst, MA.
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