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Thursday, September 6, 2018

Putnam's Big Move Is Almost Here

Reported by Neil Anderson, Managing Editor

It's been almost three years coming, but Putnam Investments [profile] is moving.

Today Putnam president and CEO Bob Reynolds confirms that the Boston-based mutual fund firm will move into its new headquarters in the Bank of America building at 100 Federal Street, as expected. That building is only a couple of blocks away from Putnam's current HQ at One Post Office Square, which has housed the fund firm for 40 years.

"We start in two weeks, and it'll be done by the end of October," Reynolds tells MFWire.

Putnam has sealed a 15-year lease covering nearly 250,000 square feet across 11 floors of the building. The space includes an auditorium at street level and a bigger in-house broadcast studio. Putnam's senior leadership team and about 800 other employees will be based in the new HQ.

"We have room to grow," Reynolds says, while noting that Putnam sister company Empower, a retirement plan recordkeeper, will also have a presence in the same building.

Putnam's move comes at the end of its lease at One Post Office Square, so the search for its next HQ has been underway for several years. The Putnam team considered a number of options around Boston, including new buildings being built, before they picked 100 Federal Street.

Reynolds describes 100 Federal, which was built in 1971, as "a landmark building in the financial district of Boston." The building is both owned and managed by Boston Properties, a combination Reynolds likes. He also sees the new space accommodating a "more open office type of concept" for Putnam and "bigger collaboration space", including Putnam's own conference center. 

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