By NANCY LAVIN
Rhode Island Current
Pawtucket-based Hasbro Inc. will abandon its century-old Rhode Island roots with a move to the Boston Seaport by the end of 2026, the company announced Monday.
The announcement cements the fate Rhode Island officials and business leaders have spent the last year trying to avoid by offering the iconic toymaker prime Providence real estate in the hopes of keeping its 1,000-person local workforce in Rhode Island. But the pull of Massachusetts, including state tax incentives, access to robust public transportation and partnerships with nearby academic institutions and businesses proved too strong.
“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,” Chris Cocks, Hasbro CEO, said in a statement. “Together, these offices will fuel the next chapter of Hasbro.”
The toy and gaming empire said it plans to move to a 16-story laboratory building. The lease for 265,000 square feet spanning seven floors at 400 Summer St. in Boston will replace its present headquarters, a circa-1900 manufacturing building on Newport Avenue in Pawtucket. Cocks has already signaled his discontent with the Pawtucket space, saying it was “showing its age” in an internal email dating back to Sept. 16, first reported by the Boston Business Journal. Publicly released emails show Massachusetts state officials began courting Hasbro as early as April 2024, offering various tax incentives in the hopes of luring the company.
Rhode Island leaders scrambled to put together a counteroffer, which included the opportunity for Hasbro to grab a prime piece of undeveloped land in the I-195 Redevelopment District for $1. But more sweeping tax incentives, similar to those pitched by Massachusetts officials, were never put on the table for the Rhode Island General Assembly to consider during its 2025 legislative session.
Pawtucket Mayor Don Grebien and city officials reportedly came up with their own proposal to keep Hasbro within the city, though details were never shared publicly.
“The City of Pawtucket did absolutely everything possible to keep Hasbro here,” Grebien said in a statement Monday, expressing disappointment over the decision.
Grebien pledged to work with city and state officials to develop a plan to revitalize the “prime real estate” in Pawtucket that will soon be vacated by Hasbro.
Gov. Dan McKee sought to offer reassurance, touting the 36,000 new jobs and development created under his administration.
“Today’s announcement does not impede Rhode Island’s growth or economic success,” McKee said in a statement Monday afternoon. “Make no mistake: we are continuing to build on our progress and deliver good jobs for Rhode Islanders.”
House Speaker K. Joseph Shekarchi, who met with Massachusetts Gov. Maura Healey on Sept. 4, called Hasbro’s decision “disappointing” in a joint statement with Senate President Valarie Lawson.
“For decades, the Hassenfeld family created and ran a world-class global company, while giving back to the Rhode Island community through a strong commitment to philanthropy,” they said. “We will continue bringing people together and working hard to attract new businesses to invest in Rhode Island and maintain our ongoing dialogue with existing businesses in the state to expand and grow.”
House Minority Leader Mike Chippendale, a Foster Republican, offered a different take.
“We must stop chasing corporations with taxpayer-funded giveaways, focus on correcting what is driving this exodus, and improve our business climate for those that have invested in our state,” Chippendale said. “Good jobs for our residents and building a solid tax base depends on thoughtful action immediately. It requires leaders willing to change the status quo — that will fight for reform, not just talk about it while clutching their pearls.”
At the start of the year, Hasbro’s projected profit losses from President Donald Trump’s tariffs appeared to keep a potential move at bay, with the company postponing its initial deadline for a decision. Second quarter earnings released on July 23 suggested the financial consequences of tariffs might not be as severe as initially feared, though Cocks did not address the potential relocation.
Andrea Snyder, a spokesperson for Hasbro, declined to answer questions regarding details of the decision, including specific incentives Massachusetts has offered, and when the decision was made. Snyder instead referred back to the company’s press release on the news.
The Boston office will house Hasbro’s corporate services, as well as its toy, board game and licensing arms. Its digital gaming business, which includes MAGIC: The Gathering, will remain at its present hub in Renton, Washington, which features 111,000 square feet and 500 employees.
About the Author
