Liberty Mutual Group to Buy 10 St. James Avenue and 75 Arlington Street Properties in Back Bay
October 27 2005 - 1:36PM
Business Wire
Seeking to expand its corporate headquarters at 175 Berkeley Street
as well as its overall presence in Boston, Liberty Mutual announced
today that it has signed a purchase and sale agreement to buy the
properties located at 10 St. James Avenue and 75 Arlington Street
in the Back Bay from Millennium Partners. The companies did not
disclose the closing date or financial terms of their agreement.
Purchase of the properties means Liberty Mutual will own the entire
block between Arlington and Berkeley Streets and St. James Avenue
and Stuart Street. Last October Liberty Mutual purchased 330 Stuart
Street, a building that is directly across the street from its
headquarters. "Growth in our operations worldwide necessitates
increased space in our corporate headquarters," said Edmund F.
Kelly, Liberty Mutual Group chairman, president and CEO. "This
purchase, as well as being a good investment, will provide Liberty
with considerable flexibility for future expansion of our home base
in Boston for many years." Liberty Mutual, ranked 111th in the
Fortune 500, has 1,870 employees in its Back Bay offices, and more
than 3,200 in 30 locations throughout Massachusetts. Completed in
January 2001, 10 St. James Avenue is a 19-story modern office
building. Built in 1913, 75 Arlington Street is an adjacent
10-story historic building that was refurbished in 2001. The
properties connect to Liberty Mutual's Back Bay headquarters at 175
Berkeley Street. Liberty Mutual is a major tenant in the
properties, which are fully leased by a roster of high-quality
tenants. The company plans to continue to lease the property to
office and retail tenants. Millennium Partners is well known for
developing and managing first class, mixed-use office, retail and
residential buildings. "In selling this building to Liberty Mutual
we are gratified to know that a company with a commitment to Boston
similar to ours will continue to own and operate this great
building," said Tony Pangaro, principal, Millennium Partners -
Boston. Liberty Mutual's ties to Boston and the region extend
beyond its insurance operations and Back Bay address. The Liberty
Mutual Foundation supports Greater Boston non-profit causes in arts
and culture, education, and health and human services with
contributions of more than $4 million annually. Along with its
philanthropic giving, many of the company's executives are members
of the board of directors of area non-profits. As of December 31,
2004, Liberty Mutual Group had $72.4 billion in consolidated assets
and $19.6 billion in annual consolidated revenue. Liberty Mutual
ranks 111th on the Fortune 500 list of largest U.S. corporations
based on 2004 revenue. It is the eighth-largest personal lines
writer and fifth-largest commercial lines writer in the U.S. based
on 2004 direct written premium. Liberty Mutual Group today employs
more than 38,000 people in nearly 900 offices throughout the world.