Redevelopment of insurer FM Global’s Norwood campus will create a new 300,000 square-foot office and research building in the heart of the 40-acre property off Route 1.
The project, approved by the Norwood Planning Board on April 10, will redevelop nearly half of the campus. A nearly 144,000-square-foot office-lab building at 1151 Boston Providence Turnpike will be demolished, and a new 300,000-square-foot office-lab and R&D building will be built in a central location.
The new building “will provide an iconic presence when seen from Route 1” and create a more unified campus by removing several large parking lots, located between the Four Points by Sheraton Hotel and FM Global’s Learning Center/Sim Zone training facility, according to application materials submitted to the Massachusetts Executive Office of Energy and Environmental Affairs.
Waltham-based Hobbs Brook Real Estate, a subsidiary of Rhode Island-based insurer FM Global, is leading the project.
The property contains three other office/research buildings and the Four Points by Sheraton Hotel on four contiguous parcels. The project expands the campus to 710,000 square feet. It also includes construction of a 4-story, 930-space parking garage in the southwest portion of the site.
The new “flagship location” will replace the demolished 1151 Boston Providence Highway building and house various departments from other FM Global offices, the application states.
An FM Global spokesperson was not immediately available for comment.
FM Global also recently signed a 130,000-square-foot lease for office space at 1 Technology Way in Norwood, according to a recent report by brokerage CBRE.