One Beacon Insurance Co. has decided to vacate its offices at its namesake address at One Beacon Street in downtown Boston and consolidate its Boston area operations in a building in suburban Canton, Mass. The insurer has purchased a building at 150 Royall Street in Canton for $23 million. OneBeacon will consolidate most of its greater Boston offices to the new site beginning in 2007.
“This will mark the first time in our company’s history that we will have our greater Boston employees working in the same facility,” said John R. Ferrari, vice president of real estate, OneBeacon. “We expect to realize a considerable reduction in real estate expenses over current costs, which is a tremendous benefit. Additionally, we will gain the natural efficiencies of having the employees collocated.”
OneBeacon, a wholly owned subsidiary of White Mountains Insurance Group, Ltd., expects to move employees from its Foxboro, Mass. facility at the end of 2007, followed by most of its downtown Boston employees in 2008. The new facility will be renovated.
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