Liberty Mutual Insurance Expands Home Office in Boston with Ribbon Cutting Ceremony
Building to Help Accommodate 600 New, Full-Time Liberty Mutual Insurance Employees Based in Expanded Boston Offices
Liberty Mutual Insurance Chairman and CEO David Long was joined by Boston Mayor Thomas M. Menino, other state and city elected officials, neighborhood representatives and members of the construction trades at a ribbon cutting ceremony at the company’s new 22-story, 590,000 square-foot office building at 157 Berkeley Street in Boston today.
Liberty Mutual broke ground on the $300 million expansion project in October 2010 – creating 500 construction jobs in less than three years. The building will help accommodate more than 600 new, full-time Liberty Mutual Insurance employees at the expanded Boston offices. Over the next 20 years, the building will generate more than $70 million in new real estate tax revenue for the City of Boston.
“We are excited to celebrate our growth and investment in the economic future of the city we have been proud to call home for more than 100 years,” said Liberty Mutual’s Mr. Long. “We are grateful for the support of Mayor Menino, Governor Patrick and their staffs, who helped make this project possible.”
Mayor Thomas M. Menino said: “When we created this partnership with Liberty Mutual it was a crucial time in Boston’s economic history. Liberty Mutual’s new $300 million building was a catalyst for the city’s resurgence from the Great Recession, putting 500 construction workers back on the job, and giving hope with the creation of 600 new permanent jobs for a robust future.”
Housing and Economic Development Secretary Greg Bialecki said: “Liberty Mutual is an anchor of the Commonwealth’s financial services industry, one of the cornerstones of our economy. This project has not only created jobs and new revenue, it has helped keep and expand one of our core companies here in Massachusetts.”
The building, designed to be 20 percent more energy efficient than a typical large modern office building, features energy efficient fixtures, groundwater recharge tanks and a green roof that maintains the indoor temperature through improved insulation.
CBT/Childs Bertman Tseckares of Boston designed the building, Colliers International served as the project development manager and Turner Construction Company managed the construction.
About Liberty Mutual Insurance
“Helping people live safer, more secure lives” since 1912, Boston-based Liberty Mutual Insurance is a diversified global insurer and the third largest property and casualty insurer in the U.S. based on 2012 direct premiums written as reported by the National Association of Insurance Commissioners.
Liberty Mutual Insurance also ranks 81st on the Fortune 100 list of largest corporations in the U.S. based on 2012 revenue. As of December 31, 2012, Liberty Mutual Insurance had $120.1 billion in consolidated assets, $101.5 billion in consolidated liabilities, and $36.9 billion in annual consolidated revenue.
Liberty Mutual Insurance offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, property, commercial automobile, general liability, global specialty, group disability, group life, reinsurance, surety, individual life and annuity products. Liberty Mutual Insurance (www.libertymutualinsurance.com) employs over 50,000 people in more than 900 offices throughout the world.
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