The insurer has been based in Rhode Island for nearly 200 years
Rhode Island-headquartered commercial property insurer FM has purchased 10 Memorial Boulevard, a 10-story commercial office building in downtown Providence, marking a new investment in the state’s capital city and an expansion of the company’s regional footprint.
The Johnston-based insurer said the building will serve as a strategic addition to its growing business and global office network. FM intends to occupy a portion of the property while maintaining its existing multi-tenant profile.
“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.”
The transaction represents a further investment by one of Rhode Island’s largest private employers in downtown Providence, reinforcing its longstanding ties to the state. Founded in 1835, FM describes its roots in Rhode Island as “deep and enduring,” even as the company has developed a global presence.
State and local officials welcomed the announcement.
“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 Mayor Brett P. Smiley added: “Providence is proud to welcome FM to 10 Memorial Boulevard. 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.”
Legislative leaders also endorsed the investment. 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.”
FM said the purchase complements its broader strategy to expand in key global cities. Along the Amtrak East Coast corridor, the insurer recently leased space in Boston’s South Station Tower and plans to open the FM Science and Technology Center, Americas, in Norwood, Massachusetts, in 2026.
The Providence acquisition is intended to enhance FM’s regional connectivity, foster collaboration, and improve access to talent and client partners, as the mutual insurer continues to grow its property risk management and loss prevention operations from its Rhode Island base.
