Banking will soon replace biotech just off Route 3 in Rockland, as Rockland Trust consolidates several of its offices south of Boston into one major headquarters.
Chief executive Jeff Tengel told Rockland Trust employees on Thursday that the bank will consolidate offices in Hanover, Plymouth, Norwood and two in Rockland into a new location at One Technology Place in Rockland in the fall of 2026. Rockland Trust has leased 140,000 square feet in the two-building complex, which is owned by A.W. Perry Inc. and was previously occupied by EMD Serono, the US biotech arm of German conglomerate Merck KGaA.
“Joining forces under one roof will help us build meaningful connections and foster a vibrant atmosphere that energizes our work while inspiring innovation and efficiency,’’ Tengel said in a note to staff. “This milestone represents a significant investment in our people, culture, and future success.’’
Tengel, in an interview, said the moves represent a net increase in office space — the five offices to be exited total up to about 100,000 square feet — resulting in a slight overall increase in costs. Rockland Trust owns its current 22,000-square-foot headquarters, about five miles away in Hanover, and will put that property on the market; the other spaces are leased.
Roughly 500 employees are expected to make the move, including around 70 who work at the Hanover headquarters. The bank will offer designated desks to people who commit to coming into the office three days a week; Tengel said he expects the vast majority will take him up on that offer.
“We’re going to have close to 500 people all in one place,’’ Tengel said. “It’s important for the culture to collaborate together in person. It makes a big difference if you’re walking into a room and sitting with your colleagues … versus everyone getting on a Zoom call. We think the in-person stuff does matter.’’
Rockland Trust executives had originally looked at a smaller office move before the COVID-19 pandemic, and Tengel inherited the search after he became the CEO in early 2023. Later that year, EMD Serono said it would be decamping for Boston’s Seaport, news that proved to be a “game changer’’ for Rockland Trust’s real estate search, Tengel said. Unlike the bank’s smaller offices, the former biotech building offers a fitness center and cafeteria, and more conference room space.
On average, Tengel said, the relocation will add about five minutes to his employees’ commute. Initially, bank executives considered offices in Quincy and other places that are farther away from Rockland and Hanover, but opted against those to avoid more disruptions.
Jon Chesto can be reached at jon.chesto@globe.com. Follow him @jonchesto.