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Citizens Financial Group will consolidate three offices at a new “consumer hub” at University Station in Westwood after receiving a $2.5 million local tax break package.
The Providence-based financial institution will relocate 550 employees to a 100,000-square-foot office building scheduled to be completed in late 2020, with plans to hire an additional 50 workers. The lease runs for 14.5 years.
The Boston Globe reported that the state Economic Assistance Coordinating Council will vote Wednesday to approve a tax increment financing agreement approved by Westwood town meeting in May.
The offices consolidate consumer banking teams currently based in Canton, at Legacy Place and Station Avenue in Westwood, Citizens Bank said, as leases at those properties expire. The University Avenue building will include a user experience lab to test new technology, and a production studio for Citizens’ digital team.
The move also will give Citizens employees more commuting options, with its location near the University Avenue MBTA and Amtrak station.
Westwood town meeting approved the 15-year tax incentive financing agreement in May.
Anchored by Target and Wegmans, the retail portion of the 2.1-million-square-foot project opened in 2015. The property also includes the 350-unit Gables University Station apartment complex, which was completed in 2015.
