“All Star” Company Picks Boston for World HQs
Jan 08, 2013
Converse to bring over 400 jobs to the City as part of $230 million redevelopment of Lovejoy Wharf
Mayor Menino announced that North Andover, Massachusetts shoe company, Converse, will relocate its expanded world headquarters to Boston.
Converse will lease approximately 187,000 SF of new office space that will be created as part of the $230 million redevelopment of Lovejoy Wharf in Bulfinch Triangle. The new location will house more than 400 Converse employees when it opens in April 2015.
“They say that wearing Converse makes a statement about a person. Well I want to say that Converse moving its world headquarters to Boston makes a statement about our city,” Mayor Menino said. “Converse and Boston are a perfect marriage. Two venerable and classic brands that are also constantly evolving. The move to LovejoyWharf will revitalize this historic northern gateway, while giving Converse access to a young, talented and creative workforce.”
“Converse was founded a few miles outside of Boston more than 100 years ago and we are honored to be part of Boston’s next chapter and great metropolitan center. This city is part of our DNA and its spirit central to our continued growth and success,” said Jim Calhoun, President and CEO of Converse. “We are thrilled to find our new home in the vibrant metropolitan center of Boston and look forward to growing with the city in the years to come.”
Lovejoy Wharf, located on the Boston Harbor between the Zakim Bridge and the Charlestown Bridge, currently houses two dilapidated buildings and a neglected pier. In December 2012 the BRA Board approved plans by the Beal Companies and The Related Companies to revitalize the site with new office and residential development.
Converse's new office at 160 North Washington Street, a 9-story building that will be rehabbed will also include 45,000 SF of ground floor retail with a 300-seat café-style restaurant. The adjacent dilapidated structure at 131 Beverly Street will be removed and replaced with a 14-story residential building with 100 housing units that will be connected by a 10-story link to 160 North Washington Street.
The developers are investing $15 million in public infrastructure that will create a signature public open space featuring:
- new Harborwalk creating access to the Charles River Basin
- 3/4 of an acre of new publically accessible open waterfront space
- floating docks
- public water transportation facilities
The extensive public amenities and investment being made in the site will be assisted by a partnership with the City of Boston. A Chapter 121B tax agreement at 160 North Washington Street will provide $9.9 million in property tax relief over 25 years, while bringing approximately $63.3 million in new revenue to the city during the same period. Comparatively, in fiscal 2013, the property will generate $388,000 for the City of Boston in property taxes.