Wednesday, August 18, 2010

Liberty Mutual Receives Approval to Expand Boston Headquarters

The BRA Board approved plans for a new $300 million Back Bay office building as part of Liberty Mutual’s expansion of its Boston headquarters. The project will create a new 590,000 square foot, 22-story office building located at 157 Berkeley Street. Additionally, the project includes the renovation of approximately 89,000 square feet of existing space at 330 Stuart Street, which will retain the existing office and restaurant uses at that location. A pedestrian bridge over Stuart Street will link the new building with the existing headquarters buildings across Stuart Street.

The project will result in the creation of at least 600 new full-time jobs by Liberty Mutual and the creation of more than 500 construction jobs. Construction is expected to begin in October of 2010 and be ready for occupancy by the end of 2012.

The developer is committed to creating a significant public realm improvement by creating new public open space along St. James Avenue, on a portion of the parcel currently owned by Liberty Mutual at 30 St. James Avenue, or on an alternate parcel to be mutually agreed upon by the developer and the BRA at an appropriate future time.

The creation of the project also includes significant additional real estate tax revenues to the City’s General Fund, projected to total more than $80 million of net new tax revenue over the next 20 years as well as approximately $3.8 million in Housing Linkage contributions and approximately $769,000 in Jobs Linkage contributions.

The development team consists of Liberty Mutual Group as the owner; Colliers Meredith & Grew as the development manager; Childs Bertman Tseckares as project architect; Goulston & Storrs as legal counsel; Howard Stein Hudson as transportation consultants; Turner Construction Company as the construction management team; and Epsilon Associates as the permitting consultant.