Monday, October 18, 2010

Mayor, Governor Join Liberty Mutual at Groundbreaking Ceremony

Liberty Mutual Group Chairman and CEO Edmund F. Kelly was joined today by Boston Mayor Thomas M. Menino, Massachusetts Governor Deval Patrick, other state and city elected officials, neighborhood representatives and members of the construction trades at a groundbreaking ceremony for the company’s new 22-story, 590,000 square-foot office building at 157 Berkeley Street in Boston.

Liberty Mutual's more than $300 million expansion project will create 600 new full-time positions at the company and an additional 500 construction jobs. Since January 2008, Liberty Mutual has added 600 employees in Massachusetts, with 300 of those jobs coming to Boston. Once completed, Liberty Mutual’s new building will generate approximately $82 million in new real estate tax revenue for the City of Boston over 20 years. On an annual basis, Liberty Mutual will pay an estimated total of nearly $13 million per year in real estate taxes on all of its Boston properties, making the insurer one of the largest private taxpayers in the City.

“Boston is where our company started nearly 100 years ago, and the City continues today as headquarters for our worldwide operations,” said Liberty Mutual’s Mr. Kelly. “The support of Mayor Menino, Governor Patrick and their staffs has made it possible for us to invest in Liberty Mutual’s future as well as in the economic future of Boston, Massachusetts and the region.”

Mayor Thomas M. Menino said, “Liberty Mutual’s expansion provides a significant boost to our economy and I’m delighted that one of Boston’s oldest companies is continuing to grow here. This new building will put hundreds of people back to work during the construction phase and after it is occupied. Additionally, it will revitalize the surrounding public realm with new public open space and streetscape improvements.”

Governor Deval Patrick said, “This is what it's all about - putting people to work. Liberty Mutual's expansion is a prime example of the critical collaboration between the Commonwealth, the City and private industry that leads to new opportunities today and a stronger Commonwealth tomorrow.”

The building is designed to achieve LEED Silver certification and will be nearly 20 percent more energy efficient than a typical large modern office building. CBT/Childs Bertman Tseckares of Boston designed Liberty Mutual’s building at 157 Berkeley Street. Colliers Meredith & Grew is the project’s development manager. Turner Construction Company is the project’s construction manager.