Hasbro is moving its headquarters to Boston and leaving its long-time home in Pawtucket, Rhode Island, the company announced Monday.

The toy and game maker will move to 400 Summer Street in the Seaport.

Hasbro moving to Boston

Hasbro will lease seven floors of the building near the Menino Convention Center. 

"The new space will be home to at least 700 full-time employees expected to transition from Rhode Island to Boston by the end of 2026," the company said in a statement Monday afternoon, ending a year of speculation about it's future in Rhode Island.

"The company plans to continue to support Hasbro Children's Hospital with annual donations and will keep recruiting from Rhode Island's colleges and universities," the company said.

"We are thrilled that Hasbro has chosen Massachusetts as the home of its new headquarters, and we're ready to support the hundreds of jobs they will create here," Massachusetts Gov. Maura Healey said. 

In an interview with WPRI-TV, Rhode Island Gov. Dan McKee said they did everything they could to keep the company in the state. "I believe that the decision was not correct," McKee said. "I think Rhode Island is a place where they should be."

Pawtucket mayor "deeply disappointed"

Pawtucket Mayor Don Grebien released a statement, saying the city is "deeply disappointed" with the company's decision.

"While this decision was ultimately beyond our control, it is disheartening to see a company so deeply rooted in our community choose to turn its back on that history. This is a painful reality for the people of Pawtucket, who stood by Hasbro for over a century. We also empathize with the employees of Hasbro whose lives will be forever impacted by this decision," Greibien said. "The City of Pawtucket did absolutely everything possible to keep Hasbro here."

The mayor said Pawtucket worked with architects and developers to put together a "bold and comprehensive proposal to Hasbro's leadership" that would have led to a new facility on the banks of the Blackstone River.

"There is no question that our hearts are broken by this decision. However, when Pawtucket is faced with adversity, it strengthens our resiliency, and we come back even stronger," Grebien said.

Hasbro makes several games, including Monopoly, Dungeons & Dragons and Play-Doh. It was founded in Providence, Rhode Island more than 100 years ago.

"Economic center of New England"

Boston Business Journal Executive Editor Doug Banks said the new zip code for Hasbro is a no brainer. 

"It's the economic center of all of New England," Banks said. "No other city in New England is going to compete with that. There's just a vibrancy in the area of deep talent and innovation that's going on here that doesn't happen anywhere else and companies just want to be a part of that." 

Banks said Rhode Island offered Hasbro an undeveloped parcel in Providence for $1 to try and keep the company in the state.

"They even as of last week, they were scrambling to offer economic incentives, but in the end, it wasn't enough," Banks said. 

The Ocean State's loss is the Bay State's gain. Healey is celebrating the latest company to start, relocate or grow in Massachusetts. 

"I think about LEGO, I think about Biogen's expansion," she said. "I want to thank the legislature for all your work and effort with us in making Massachusetts a great place to do business." 

In a city long known for business-to-business companies, this consumer brand is a huge score, according to Banks. 

"Back Bay might have Wayfair, but Seaport now has Hasbro," he said. "It will be really interesting to see how these two neighborhoods duke it out for high profile tenants in the years to come."