This is at Berkeley and Columbus. It's good to see something on the horizon.Liberty Mutual plans major Boston expansion
February 11, 2010 11:30 AM
By Casey Ross, Globe Staff
libmut211.jpgLiberty Mutual Insurance Co., one of Boston's oldest headquarters companies, is launching a dramatic expansion in the city, announcing plans today to build a $300 million addition on its Back Bay headquarters that will create 1,100 new jobs.
Liberty Mutual said that it currently has more than 2,500 employees located at its home office campus in Boston.
Mayor Thomas M. Menino said the city is planning to give the firm a $16 million property tax break to pave the way for the expansion, which the city estimates will generate a net revenue boost of $50 million during the next 20 years.
"Putting people back to work is a top priority," Menino said in a statement today. "Creating new jobs ? 600 permanent and 500 construction jobs ? as local unemployment numbers are at an all time high is my focus. Liberty Mutual and the insurance sector represent a $3.2 billion industry that is critical to Boston?s economic growth."
The insurance firm, founded in Boston in 1912, has purchased the former Salvation Army building and the nearby Benjamin Franklin Smith building to accommodate the expansion of its 175 Berkeley Street offices.
The firm is the nation's fifth largest property and casualty insurer and currently employs 4,100 employees in Massachusetts at 31 offices across the state.
The Boston Redevelopment Authority, the city's planning arm, will vote on whether to grant the firm a property tax break for the expansion at a meeting scheduled for next Tuesday.