MassMutual will add 1,500 jobs at its Springfield headquarters and another 500 in a new office building at Boston’s Fan Pier development and will close its Enfield, Connecticut office that employs 1,500 people.

The plans would include $50 million in renovations to its existing downtown Springfield headquarters and construction of a $240 million office building at the Fan Pier.

The moves will bring the Springfield headquarters job force to 4,500 by 2021, MassMutual said. If the insurer hits a target of creating 2,000 new jobs in Massachusetts, it stands to receive $46 million in tax credits and $1 million in workforce training funds offered by the Baker administration.

The Fan Pier building will have expansion potential for up to 1,000 employees and exceed 300,000 square feet, MassMutual said. Like other large employers including General Electric, Alexion Pharmaceuticals and PTC that have decided to move large operations to the Seaport District, MassMutual said it would provide a competitive advantage.

“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,” CEO Roger Crandall said in a statement.

MassMutual partnered with Boston-based Fallon Co. on the 3-million-square-foot Fan Pier project, one of the first major developments in the current Seaport District building boom, acquiring the 21-acre parcel in 2005 from the Pritzker family for $115 million. The site already includes the Vertex Pharmaceuticals and Goodwin Procter LLP headquarters, the One Marina Park Drive office building and two luxury condominium towers.

Fallon Co. recently filed plans with the Boston Planning and Development Agency to develop Fan Pier parcel E as entirely office space, eliminating previous plans for lab. That change was approved at Thursday’s BPDA meeting, along with an amendment that changes parcel H from hotel to residential use.

The insurer’s real estate strategy also involves the closure of offices in North Carolina, New Jersey and Pennsylvania while retaining those in Amherst, New York City and Phoenix.

MassMutual Commits to Expansion in Boston, Springfield

by Steve Adams time to read: 1 min
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