MassMutual plans to add 2,000 jobs and invest $300 million in the state over the next four years.
As part of the investment, the life insurance company announced Thursday that it plans to build a new campus in Boston's Seaport District. It's a move MassMutual's CEO says will allow it to tap into the city's "booming financial and digital economy."
The Boston campus will be located on Fan Pier and will ultimately house approximately 1,000 employees. MassMutual expects to spend $240 million on the facility, which will include a 300,000-square-foot building around 17 stories high.
"I am delighted another major employer has decided the City of Boston can contribute to its successful future," Mayor Marty Walsh said in a statement.
As part of the expansion plans, MassMutual will also grow its Springfield headquarters — increasing the workforce there by 50 percent, adding 1,500 jobs. The company expects to spend $50 million on improvements to the facility.
Roger Crandall, the president and CEO of MassMutual, noted the company's deep roots in Springfield — where it was founded in 1851 — as a reason for the expansion.
"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," Crandall said in a statement.
As part of an agreement with the state, MassMutual will receive $46 million in incentives. The incentives are contingent on the company adding its promised 2,000 jobs to Massachusetts.
"We are proud MassMutual has called the Commonwealth home for over 165 years and we look forward to what their investments in Western and Eastern Massachusetts will mean for Massachusetts, our economy and their employees," Gov. Charlie Baker said in a statement.
The expansion plans come after MassMutual laid off hundreds in Springfield in recent years. The company is also closing offices in Memphis, Tenn., Somerset, N.J., Johnston, Pa. and just over the border in Enfield, Conn., according to company spokesperson James Lacey.
Lacey said jobs will move to Springfield and Boston. The new Boston campus will also include a mix of new jobs and employees currently working in the city.
This article was originally published on February 08, 2018.