FM Global, the insurance firm specializing in loss‑prevention for large businesses, announced it will relocate its global headquarters from its 93‑acre campus in Johnston to a 10‑story office tower at 10 Memorial Boulevard in downtown Providence. The move, reported by turnto10.com and the Boston Globe, is expected to affect the local workforce and municipal tax revenues, issues that matter directly to Providence residents and neighboring communities.
According to turnto10.com, FM expects to eliminate a limited number of positions as a direct result of the relocation. The company confirmed that some Johnston employees will be reassigned to its offices in Boston, West Glocester and Norwood rather than to Providence. FM’s strategic communications lead, Brian Amaral, said, “Rhode Island has always been our home, and establishing our global headquarters in Downtown Providence ensures the state remains central to FM’s future.”
Mayor Joseph Polisena Jr. of Johnston said he felt “blindsided” by the decision, noting that he had previously been told the company’s plans were for expansion, not relocation. Polisena told Rhode Island Current that an employee informed him she and a handful of coworkers had received layoff notices, though he has not received any formal notices himself. He described the situation as a “corporate sneak attack” and expressed concern over the financial impact on Johnston, which receives roughly $3 million annually in combined tangible and property tax revenue from FM—about 2 % of the town’s $144 million budget.
The company purchased the Providence property, formerly owned by IGT, for $69 million in February. FM plans to occupy a portion of the building while retaining existing tenants, which include the state lottery contractor, Fidelity Investments, and the Capital Grille. The relocation will also involve moving the company’s 1,500‑person local workforce into the Providence office, though the announcement did not specify a timeline for the move.
Local officials voiced disappointment. Councilman Al Carnevale said the city hopes to work cooperatively with FM to protect jobs, the tax base, and the future use of the Johnston campus. Councilwoman Lauren Garzone criticized the lack of prior notification, saying residents deserve transparency.
FM’s Massachusetts Office of Economic Development recently toured the company’s new science and technology center in Norwood, noting that 96 new employees were hired there this year with more hiring expected in 2027. The company also stated that renovations at the Providence headquarters are slated for completion in late 2027, after which the transition is expected to begin.
FM is currently challenging a $1.5 million property tax bill for 2025, arguing that the $53.4 million assessed value of its Johnston campus exceeds its “full and fair cash value.” The town tax board has rejected the appeal, and the case remains open.
What’s next: FM expects renovations at the Providence site to finish in late 2027, with the move to begin thereafter. The company’s pending tax‑assessment lawsuit will continue to be heard in the Providence County Superior Court, and local officials say they will monitor the impact on jobs and municipal revenues closely.
Sources: turnto10.com, bostonglobe.com
