One Beacon Insurance Co. has decided to vacate its offices at its namesake address at One Beacon in downtown Boston and consolidate its Boston area operations in a building in suburban Canton, Mass.
Real estate broker Richards Barry Joyce & Partners, LLC handled the sale of 150 Royall Street in Canton to OneBeacon Insurance Company for $23 million. OneBeacon will consolidate most of its Greater Boston offices to the new site beginning in 2007, resulting in significant savings in real estate costs.
“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. During the intervening time, the facility will undergo major construction to update the infrastructure and customize the interior to optimize use for OneBeacon.
The 150 Royall Street property, the only property in excess of 200,000 square feet for sale along busy Route 128 circling Boston, had previously housed EquiServe. The building is near the I-95 and Route 128 interchange.
Was this article valuable?
Here are more articles you may enjoy.