Beacon Capital acquired the former Boston Globe offices and printing plant for $362.5 million in 2021 from Nordblom Co., putting over $64 million towards a reuse and repositioning strategy. Image courtesy of Beacon Capital Partners
Hasbro’s search for a new headquarters could bring hundreds of jobs to the Southline complex which has struggled to establish a new life science cluster in Dorchester following the Boston Globe’s departure.
Hasbro is reportedly scouting approximately 250,000 square feet of office and R&D space in the Boston area as part of CEO Chris Cocks’ turnaround strategy.
The Southline complex would allow the Rhode Island toymaker to locate corporate offices and R&D functions at the same address, while offering an urban location with nearby public transit access on the MBTA’s Red Line. Southline is among the properties under consideration by Hasbro along with a handful of downtown office buildings, the Globe reported.
Beacon Capital initially targeted biotech tenants after acquiring the 750,000-square-foot adaptive reuse project on Morrissey Boulevard for $362.5 million in 2021, with the goal of establishing a new life science cluster in Dorchester.
But the search for an anchor tenant coincided with the sharp nationwide downturn in biotech leasing in 2022.
Seeking to seed the growth of startups, Southline developers leased shared lab space to biotech investors Flagship Pioneering and Portal Innovations for their member companies, with the two firms initially occupying 70,000 square feet. The Boston-based developer also partnered with trade group MassBio on a new 4,000-square-foot training center named Bioversity that opened last winter.
Beacon Capital Partners declined to comment. Hasbro also reportedly has toured downtown office buildings near South Station.
Gov. Maura Healey administration appears to be eager to attract a corporate relocation from a well-known household brand, following the decisions of Lego Group and General Electric to move their headquarters to Boston during the Baker administration.
Officials have discussed public incentives including the state’s Economic Development Incentive Program with Hasbro executives in discussions that date back to April, the Boston Business Journal reported.
Rhode Island officials have vowed to “pursue all options” in keeping Hasbro’s headquarters in the Ocean State. The company owns its 312,784-square-foot headquarters at 2017 Newport Ave. in Pawtucket.
Cocks notified employees last month that a relocation could take place in spring 2026.
