Business Beat: FM buys 10 Memorial Blvd, adds to its 200 years calling Rhode Island home

Rhode Island-headquartered commercial property insurer FM today announced the purchase of 10 Memorial Boulevard, a 10-story premier commercial office building in the heart of downtown Providence that will serve as a strategic addition to its growing business and global office footprint.

The transaction represents an important new investment by FM in the city of Providence and the state of Rhode Island. FM intends to occupy a portion of 10 Memorial Boulevard while maintaining the current multi-tenant profile of the building.

“This investment reflects FM’s confidence in Rhode Island and our commitment to creating spaces that attract world-class talent and strengthen client relationships,” said Randy Hodge, chief operating officer of FM. “FM has been proud to call Rhode Island home for nearly 200 years, and this expansion in the state’s capital is a natural choice for our next chapter of growth.”

“You can’t tell the story of Rhode Island without FM. We’re proud to be a part of this new chapter in the company’s long history in our state,” said Governor Dan McKee. “FM’s decision to invest in downtown Providence speaks to the strength of Rhode Island as a place to do business and thrive. My administration remains committed to strengthening our economy through innovation and good-paying jobs, and FM’s announcement aligns directly with those goals.”

“Providence is proud to welcome FM to 10 Memorial Boulevard,” said Mayor Brett P. Smiley. “As a global leader and one of the state’s largest employers, FM’s decision to establish a presence downtown reflects Providence’s strength as a thriving hub for leading institutions and increased economic opportunity.”

The purchase of 10 Memorial Boulevard comes amid FM’s continued strong performance and complements FM’s broader strategy to expand in key global cities. Regionally, FM’s real estate expansion along Amtrak’s East Coast corridor includes newly leased space in Boston’s South Station Tower and the company’s plans to open the FM Science and Technology Center, Americas, in Norwood, Massachusetts, in 2026.

This sizeable investment by one of Rhode Island’s largest private employers will enhance FM’s regional connectivity, foster collaboration, and improve access to top talent and client partners. From its founding in 1835 to today’s global footprint, FM’s roots in Rhode Island remain deep and enduring.

President of the Senate Valarie J. Lawson and Speaker of the House K. Joseph Shekarchi said: “This substantial new investment, in the heart of Providence’s downtown, is great news for our state. FM is a deeply valued neighbor and employer, and we are thrilled they will continue to grow right here in Rhode Island. Fostering an environment that supports the needs of businesses and helps them to thrive – especially those businesses that have made our state their home – continues to be a top priority for the General Assembly.”

About FM

Established nearly two centuries ago, FM is a leading mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its policyholder-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every four Fortune 500 companies. They work with FM to better understand the hazards that can impact their business continuity to make cost-effective risk management decisions, combining property loss prevention with insurance protection.