Hasbro, Inc., one of the world’s largest toy companies, is relocating its headquarters to Boston, company officials announced Monday.
The toy and entertainment giant will relocate its headquarters from Pawtucket, Rhode Island, to Boston’s Seaport District. The move, expected to bring at least 700 full-time jobs to Massachusetts by the end of 2026, is seen as a boost to the state’s business landscape.
The company will occupy seven floors across 265,000 square feet at 400 Summer St., a building owned by WS Development. This new location will serve as the primary headquarters for Hasbro’s toy, board game and licensing operations, as well as a majority of its corporate services.
Gov. Maura Healey expressed enthusiasm for the relocation, calling it “an exciting step for Massachusetts.” She highlighted the state’s reputation for innovation and education as key factors in attracting the company.
“We are thrilled that Hasbro has chosen Massachusetts as the home of its new headquarters, and we’re ready to support the hundreds of jobs they will create here,” Healey said in a statement. “I’m grateful for the leadership of [Hasboro CEO] Chris Cocks and his team at Hasbro, and for the hard work of my economic development team that helped make this possible.”
The state and Hasboro have been in talks about the move since early 2024, state officials said.
The Executive Office of Economic Development said Hasbro’s move would make the company eligible for Economic Development Incentive Program tax credits of $20,000 per job relocated to Massachusetts. If Hasbro relocates 700 jobs as expected, the tax credits could total $14 million over a handful of years.
The secretariat said it “expects to recommend this award of tax credits for approval by the Economic Assistance Coordinating Council (EACC), which meets quarterly to award EDIP tax credits, and to explain that this incentive is a material factor in the company’s decision to relocate to Massachusetts.” The EACC’s next meeting is scheduled for Sept. 17.
Boston Mayor Michelle Wu also welcomed the move of the maker of games like Monopoly, Connect Four and Battleship.
“The creativity and wonder at the heart of Hasbro’s work are also at the heart of our mission to make Boston a home for everyone,” Wu said.
Hasbro’s decision marks the latest in a series of corporate relocations to Boston. Recent moves include LEGO’s North American headquarters and Keurig Dr Pepper’s acquisition of JDE Peet’s global coffee division, which will be based in Burlington, Massachusetts.
General Electric moved its world headquarters from Fairfield, Connecticut, to Boston in 2016, also citing the city’s reputation for innovation and access to young, educated talent. The company planned to build a new headquarters in the Seaport, but the project didn’t materialize, and the company downsized to a smaller office in downtown Boston in 2023.
