Liberty Mutual Insurance Selling 2 Boston Office Towers

Thursday, September 8, 2016 | 0

Boston-based Liberty Mutual Insurance plans to sell two buildings in the city's Back Bay section, the company announced Wednesday.

The workers' compensation, auto and home insurer has put its 75 Arlington St. and 10 St. James Ave. office towers on the market. 

Liberty Mutual currently uses about 40% of the 825,000 square feet it owns at the James Avenue and Arlington Street buildings. The company hopes to lease space in the buildings after the sale.

With aid from the city and state, Liberty Mutual built a $300 million tower at 157 Berkeley St. in 2013, promising to add jobs and expand its investment locally, the Boston Globe reported. Many of its employees now work from that office tower or from buildings the company owns at 175 Berkeley St. and 30 St. James Ave.

Liberty Mutual's profits have faltered recently. Profits were down 25% in the first half of the year, coming in at $408 million compared to last year's $530 million, the Globe reported.

A Liberty Mutual spokesman told the Boston Globe the earnings results did not contribute to the decision to sell.

The newspaper's full story is here.