FM Global, one of Rhode Island’s largest employers, confirmed it will shift its global headquarters from its 93‑acre campus in Johnston to a downtown Providence office tower at 10 Memorial Boulevard. The move marks a return to the city where the company was founded as Manufacturers Mutual Fire Insurance Co. in 1835.
According to a statement reported by turnto10.com, FM purchased the former IGT building at 10 Memorial Blvd. and plans to occupy a portion of the ten‑story tower after renovations are finished. The company said the renovations are expected to be completed in late 2027, though it has not set a definitive timeline for the actual relocation from Johnston.
The Boston Globe added that the purchase price for the glass‑and‑metal building overlooking Providence Place Mall was $68.5 million, a transaction that occurred ten months before the relocation announcement. The building also houses the state lottery contractor formerly known as IGT, Fidelity Investments Inc., and The Capital Grille.
State lawmakers recently rewrote a law limiting insurance company investments in non‑traditional, long‑term assets after FM’s request, a change the company says supports its expansion plans. House Speaker Christopher Blazejewski and Senate President Valarie Lawson noted that FM’s decision to stay in Rhode Island demonstrates the legislation’s “desired effect” and could encourage other businesses to consider similar moves.
Johnston Mayor Joseph Polisena Jr. said he was unaware of the relocation until it was announced and expressed a willingness to discuss possible municipal incentives to retain the company. He cited the “state climate” as a factor influencing FM’s decision.
Governor Dan McKee’s office did not immediately comment. FM’s research campus in Glocester will remain operational, and the company continues to evaluate plans for its Johnston property.
What’s next: FM expects the downtown Providence renovations to finish in late 2027. The company has not disclosed when the Johnston campus will close or how many employees will transition to the new location. Stakeholders will watch for further updates from FM and state officials.
Sources: turnto10.com, bostonglobe.com
