Hasbro will move toy headquarters to Boston, creating 700 jobs

Hasbro, the company behind the Monopoly board game, is moving its headquarters to Boston from Pawtucket, Rhode Island, boosting the city’s struggling business district and Massachusetts Governor Maura Healey’s effort to lure investments.

The company will base the primary headquarters for its toys, board games and licensing businesses and a majority of its corporate operations at a recently constructed facility in Boston’s Seaport District, according to a statement on Monday (Sep 8).

At least 700 employees will move from Rhode Island to Boston by the end of 2026, Hasbro said. The company’s gaming and digital businesses are based in Renton, Washington.

“Boston’s thriving business community, deep academic partnerships and cultural vibrancy, together with our Seattle team’s leadership in technology, creativity, and innovation, give Hasbro an unparalleled foundation for growth,” chief executive officer Chris Cocks said.

The announcement marks a victory for Healey’s efforts to attract more businesses to Massachusetts, even as corporate leaders complain the state’s millionaire’s tax, a surcharge on incomes over US$1 million, undermines economic competitiveness. Lego Group opened its US headquarters in Boston earlier this year, and Taser maker Axon Enterprise has also established a large new office.

Still, the office vacancy rate in downtown Boston remains over 20 per cent, as hoped-for conversions of empty buildings into housing and science labs have yet to materialise. Vacancy rates in the Seaport District are lower than elsewhere in the city. The neighbourhood features newer office space and is also home to biotechnology companies, including Vertex Pharmaceuticals.

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Hasbro’s relocation is a blow to Rhode Island Governor Dan McKee, who has been campaigning for the past year to keep the iconic toymaker in the state. Hasbro is one of Rhode Island’s best-known companies and a major employer. A local children’s hospital bears the company’s name.

Hasbro, which also makes Play-Doh and My Little Pony toys, is eligible for a US$14 million state tax break in connection with the move, according to a spokesperson for the Healey administration. BLOOMBERG