Hasbro to move headquarters from R.I. to Boston

“Boston’s thriving business community, deep academic partnerships, and cultural vibrancy, together with our Seattle team’s leadership in technology, creativity, and innovation, give Hasbro an unparalleled foundation for growth,” said Hasbro CEO Chris P. Cocks. “Together, these offices will fuel the next chapter of Hasbro.”

Executives at Hasbro, the maker of iconic games and toys including Monopoly, My Little Pony, and Nerf, expressed interest in moving from their aging Pawtucket headquarters last fall, and officials in Rhode Island and Massachusetts have been courting them. In November 2024, Rhode Island state leaders pitched Hasbro on remaining in the Ocean State, with leaders from Rhode Island Commerce and Governor Dan McKee’s office offering a series of incentives, according to a report and videos obtained by the Globe in response to a public records request.

The Healey administration confirmed that Hasbro is being offered $14 million in tax credits through the state’s Economic Development Incentive Program, which provides tax credits to companies that promise job growth in the state. The $20,000 per job will likely be doled out over multiple years. The state Economic Assistance Coordinating Council, which oversees the program, is expected to take up the award at its next meeting Sept. 17.

“We are thrilled that Hasbro has chosen Massachusetts as the home of its new headquarters, and we’re ready to support the hundreds of jobs they will create here,” said Governor Maura Healey. ”We’re proud to welcome this iconic company to Team Massachusetts — where we are number one for education, health care, and innovation.

“I’m grateful for the leadership of Chris Cocks and his team at Hasbro, and for the hard work of my economic development team that helped make this possible,” added Healey. The Massachusetts governor posted a video on social media showing a person using Play-Doh to spell out the words “Welcome Hasbro.”

The Greater Boston Chamber of Commerce hailed Hasbro’s move to the city.

“The Chamber is excited to welcome Hasbro to Boston! With an estimated 700 employees working in the new Boston office, Hasbro will be a strong addition to our economy and business community, and we look forward to collaborating with them in the years to come. Hasbro’s move is another signal that Boston and Massachusetts are where innovative companies of all types should be to grow and thrive,” said James E. Rooney, president and CEO of the Greater Boston Chamber of Commerce.

The company will have no corporate footprint in Rhode Island once the relocation is complete.

Rhode Island’s governor said the company should have stayed in the Ocean State.

“Rhode Island is the best place for Hasbro to call home, and many more companies agree with that sentiment,” said McKee in a statement.

The state’s commerce secretary, Stefan Pryor, did not immediately respond to the Globe’s request for comment Monday.

The governor and his chief of staff, Antonio Afonso Jr., met with Hasbro’s CEO in person Jan. 17 at the State House, according to copies of emails and text messages obtained by the Globe as part of a public records request. Olivia Darocha, a spokeswoman for McKee, confirmed McKee and Afonso also met with Cocks Nov. 19, 2024, and Sept. 19, 2024.

Hasbro’s board of directors met the week of Feb. 5 to discuss the company’s headquarters. A spokeswoman for Hasbro did not say whether the board voted on signing a lease in Boston during that meeting. Since then, most of the executives at Hasbro have not communicated with state and city leaders in Rhode Island. Earlier this summer, Speaker K. Joseph Shekarchi told the Globe, “I haven’t heard anything.”

Andrea Palagi, a spokeswoman for McKee, said McKee texted Hasbro’s CEO after the February board meeting. He never responded, she confirmed to the Globe.

For months before Hasbro announced its decision, Pawtucket Mayor Donald Grebien’s office said they remained “cautiously optimistic” that Hasbro could find a way to remain in their home city. Grebien’s administration had tried to persuade Cocks to consider redeveloping the former Apex department store site downtown.

State and local leaders in Rhode Island had also been pushing Hasbro to relocate to the state’s capital.

Last fall, the state-run I-195 Redevelopment District Commission offered Hasbro a parcel of prime real estate along the Providence River for $1. The one-acre Parcel 42, on Dyer Street, is where the controversial Fane Tower skyscraper would have been built if developer Jason Fane had not abandoned the idea in 2023. Another potential site, the two-acre Parcel 35, would have included a guaranteed 15-year tax-stabilization agreement.

During the week of Hasbro’s February board meeting, Smiley’s office sent hand-written notes and toffee made in Rhode Island to each of the board members. Board members dined at Bellini and The Capital Grille in a private room, and stayed at The Beatrice, a swanky hotel owned by former Providence Mayor Joe Paolino.

State officials also floated several other perks Hasbro could qualify for if they were to stay in Rhode Island, including incentive programs, the establishment of new shuttle services for Hasbro employees, preferred parking rates at local transit hubs, ride-sharing programs for Hasbro’s workforce, taxpayer-funded marketing, an annual “Rhode Island Hasbro Day,” and the establishment of “Hasbro Academy,” a workforce development partnership between state agencies and local universities.

Commercial real estate prices and taxes are much higher in Boston than in Rhode Island, and Hasbro executives had been concerned about the impact of President Trump’s tariffs.

About 40 percent of Hasbro’s toys are made in China, but the company has promised to get that figure down to 20 percent over the next few years.

Hasbro exploring space in Boston’s Seaport had long been fodder in the city’s real estate gossip mill, though the company was also rumored to have explored options in other neighborhoods, including the downtown Financial District.

The 16-story pale-gray brick building at 400 Summer St. is also the headquarters for Foundation Medicine, a gene-sequencing biotechnology company owned by Swiss drug maker Roche. Foundation consolidated its local operations from its Cambridge headquarters last year and will sublease 265,000 square feet of 400 Summer St. to Hasbro.

The deal is the largest new lease of the year in Boston, just outpacing marketing software company Klaviyo’s expansion to 256,000 square feet at 125 Summer St. this spring.

Hasbro and Foundation are among a larger cohort of companies that have relocated their central offices to Boston’s buzzy Seaport District from outside the market, including Alexion Pharmaceuticals, PTC, and Vertex Pharmaceuticals. Hasbro will also join another toymaker in town. Lego Group opened its bright and colorful 157,000-square-foot headquarters at the end of Back Bay’s Newbury Street this spring.

It’s unclear what Hasbro will spend on monthly rent in Boston. Foundation Medicine declined to comment on the deal.

“I’m delighted to welcome Hasbro to its new home in Boston,” said Mayor Michelle Wu. “The creativity and wonder at the heart of Hasbro’s work are also at the heart of our mission to make Boston a home for everyone — the safest major city in the country and the best place to raise a family, with opportunities for all to Connect(4) and Play(-Doh).”

In a statement, Providence Mayor Brett Smiley said he was disappointed that Hasbro has chosen to leave the Ocean State, but remained “proud of their deep Rhode Island roots.”

In an email sent to all Hasbro employees that was obtained by the Globe, Cocks called the move “building a future-fit Hasbro, one that attracts the best, gives us room to grow, and reflects on our mission to create joy and community through play.”

Catherine Carlock and Jon Chesto of the Globe staff contributed to this report.

Alexa Gagosz can be reached at alexa.gagosz@globe.com. Follow her @alexagagosz and on Instagram @AlexaGagosz.