The Pawtucket-based company recently toured multiple downtown Boston office buildings, which was first reported by the Boston Business Journal on Monday. Anonymous sources told BBJ the company is looking for a 200,000- to 250,000-square-foot space. They also said the company is considering locations in Boston’s suburbs.
The news rocked Rhode Island’s business community, as the move would dramatically shift the state’s economic landscape, and many local elected officials were caught flat-footed. Rhode Island Governor Dan McKee and Pawtucket Mayor Don Grebien confirmed to the Globe late Monday that they are looking to schedule a meeting with Cocks with the “ultimate goal of ensuring Hasbro remains and thrives in our state.” As of Tuesday night, that meeting still had not been scheduled, confirmed McKee’s spokeswoman.
Meanwhile, in Massachusetts, the economic team in Governor Maura Healey’s office has already informally met with executives at Hasbro, according to people working in Healey’s office with knowledge of the matter.
“Massachusetts has so much to offer — we’re ranked number one for innovation, education and health care,” Healey spokeswoman Karissa Hand said on Tuesday. “We’re also ranked the best state to raise a family and for women. We are always competing for businesses to move and expand to our state and will continue to support existing businesses across Massachusetts.”
Hand did not respond to questions regarding the administration’s meetings with Hasbro executives.
Hasbro has been based in Rhode Island since it was founded in 1923. Within the last year, Hasbro has consolidated its Rhode Island-based teams into one central 343,000-square-foot headquarters on Newport Avenue in Pawtucket.
“Our Pawtucket building is full of charm and history, but it is also showing its age,” Cocks wrote in his message to employees.
According to real estate records, the building was first constructed in 1950 and was last appraised in 2023 for $2.93 million, which includes the value of the land it sits on. The company has more than 5,500 full-time employees across the globe, and 47 percent are based in the United States. Hasbro spokeswoman Andrea Snyder did not respond to questions asking how many Rhode Island-based workers the company employs.
“As we build a workplace for the future that reflects our brands, our vision, and our impact, we are considering options for a more suitable HQ, including in the Greater Boston area,” Cocks wrote in his email. “We are looking to find a space that allows for collaboration, design, and showcases who we are and what we stand for. A space that is accessible to our teams and our partners.”
The company has also leased a six-story building in downtown Providence for more than a decade, but Cocks told staff in a December 2023 memo that 1,100 employees globally would be laid off due to “market headwinds” that he said were “stronger” and “more persistent than planned.”
In that 2023 memo, which was filed with regulators, Cocks promised Hasbro would look to reduce its real estate portfolio, including slashing its leased space in Providence. In May, the downtown Providence building hit the market for an undisclosed price.
In his email to employees on Monday, Cocks said the company would need help from many of Hasbro’s employees as they “explore the right resource requirements for our teams and make sure we’re delivering a space that’s not just fit for purpose but supporting us all in doing our best work no matter what that looks like.
“We know a potential new office location is a big deal for you and your families,” added Cocks in his message. “We will give you plenty of time and transition before any major change, if there is even a major change.”
Alexa Gagosz can be reached at alexa.gagosz@globe.com. Follow her @alexagagosz and on Instagram @AlexaGagosz.