Hasbro Seeking 250K SF Boston Office For Potential HQ Move From Rhode Island
Toymaker Hasbro is reportedly considering moving its headquarters to Boston from Pawtucket, Rhode Island, and is searching for a large block of office space.
The company is looking at office space downtown near South Station and at Beacon Capital Partners' Southline complex in Dorchester, The Boston Globe reported.
The toymaker behind Mr. Potato Head, My Little Pony and Transformers is looking for 200K SF to 250K SF of office space, according to the Globe. It is looking for space that can accommodate office and research and development functions and is near transportation for workers who would be commuting from Pawtucket.
Hasbro CEO Chris Cocks said nothing is final and any potential move wouldn't take place for at least 18 months, according to a Sept. 16 memo to employees that the Globe obtained.
Local and state leaders have been trying to persuade the company to make Boston its home. Cocks had dinner with Massachusetts Economic Development Secretary Yvonne Hao in April to talk about the move, the Boston Business Journal reported.
Hasbro could receive tax breaks and incentives if it moves its headquarters, including from the state's Economic Development Incentive Program, but nothing specific has been offered to attract it to the state, the BBJ reported.
Rhode Island leaders are racing to keep the toymaker in the state.
“It’s all hands on deck to keep Hasbro in Pawtucket,” Rhode Island Gov. Dan McKee said in a statement last month about the potential move.
This isn't the first time the two states fought over the company. In 2019, Hasbro was in talks to move its headquarters and spent two years looking into options, but it stayed in Pawtucket.
Hasbro has been headquartered in Pawtucket for the last decade after being founded in 1923 by Henry, Hillel and Herman Hassenfield in Providence.
Hasbro isn't the only toymaker drawn to the Boston metro.
Lego is moving its Americas headquarters from Endfield, Connecticut, to Samuels & Associates' Lyrik development in the Back Bay. In August 2023, the Danish toymaker signed a 100K SF lease at the property, one of the largest leases of the year.
Last quarter, Boston's office market saw leasing activity reach 3.4M SF, a two-year high for the city. The activity, including major leases with Vertex Pharmaceuticals and Bain Capital, was a positive sign for the city's office sector, and local officials are likely looking to Hasbro as a way to keep that momentum going.
