March 20, 2003

ROMNEY CELEBRATES MANULIFE’S NEW U.S. HEADQUARTERS

Innovative construction brings temporary and permanent jobs to Seaport District

SOUTH BOSTON - Governor Mitt Romney today welcomed Manulife Financial and its new U.S. headquarters to the Seaport District and congratulated them on the 100th anniversary of their entrance into the American market.

Romney, joined by Mayor Thomas Menino, noted that state and city officials were instrumental in helping Manulife move quickly from the design stage to the actual construction of 601 Congress Street-the location of their new headquarters.

Manulife currently has two Boston area offices with over 700 employees. The new facility will consolidate these two offices into one headquarters for the U.S. Division.

“By working together, Massachusetts and the city of Boston are poised to have hundreds of new jobs come to the state and receive over $100 million in tax revenue over the next 10 years,” said Romney.

He added, “To attract more economic investment, my administration will continue to hold the line on taxes and spending and work hard to create a business friendly environment.”

Romney also noted that the construction of the new headquarters, which is expected to be completed by the end of the year, has brought more than 1,400 temporary jobs to the Commonwealth, helping many local families weather the current economic downturn. The new facility will also contribute to the revitalization of South Boston-particularly the Seaport District.

“This is an area on the rebound-the new convention center is going up, the Institute of Contemporary Art is moving in, and both Northeast and Legal Seafoods are building new processing plants,” said Romney.

He added, “Manulife's new headquarters will only add to this positive movement.”

Romney also acknowledged that since opening its first Boston office in 1995, Manulife has been doing its part to support the local economy and now it is helping the environment as well.

“The design of 601 Congress Street incorporates cutting-edge, energy-saving materials and architecture,” said Romney. “Some of which has not been used in the United States in over twenty years.”

One such example is the 8-inch double-skin curtain wall faced, which provides a unique cavity for air flow, thereby reducing both heating and cooling expenses, as well as mechanical equipment costs.

Romney noted that state government has also been making significant investments in so-called “green” buildings, devoting resources to the development of new, more energy-efficient public schools and offices.

“Combine that effort with the responsible expansion decisions of companies like Manulife, and you have a model of long-term, sustainable growth that protects the environment while saving critical financial resources in both the public and private sectors,” said Romney.

Romney also praised Manulife for expanding close to public transportation because it is critical to the goal of minimizing the congestion tied to suburban sprawl. The building is easily accessible to the new MBTA Silver Line.

“I wish you the best as you finish construction and prepare to move in to what will be a beautiful new headquarters,” said Romney. “It demonstrates that by working together, the public and private sectors can build a better tomorrow.”

Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services.