The MassMutual Financial Group today announced the acquisition of a building in Chicopee -- unoccupied for the last three years -- that will be developed into a world-class conference facility for hundreds of employees and guests.

In purchasing the 10-year-old Charles River West building at 350 Memorial Drive, the Massachusetts Mutual Life Insurance Company (MassMutual) significantly advances its presence in the Western Massachusetts region.

As a global, diversified financial services organization, we are experiencing tremendous growth and, with this, the need for advanced conference facilities,'' said Susan A. Alfano, Executive Vice President, MassMutual. ``At the same time our organization has placed increased emphasis on training and professional development as a catalyst for growth and change.

We are committed to providing our people with the very best in learning and development opportunities.'' Chicopee Mayor Richard J. Kos said, ``I am gratified and excited by MassMutual's decision to locate its world-class conference center in the city of Chicopee. This, I believe, reflects well on our community and the efforts we have made to build a better Chicopee.''

Colin C. Collins, Senior Vice President, Corporate Services MassMutual, noted that the center will be conveniently situated near MassMutual. ``The nearby location of the Chicopee property, which is only five miles from our home office, and the strong support we continue to receive from the region makes this an ideal place for our new conference center,'' said Collins.

``Also, the responsiveness of the mayor and his staff was instrumental in our decision to locate the center in Chicopee. They are as professional and efficient as any city I've worked with.'' The 77,000-square-foot multi-level structure, situated on 11.2 acres near the Massachusetts Turnpike, will be substantially renovated and completion is expected in the fourth quarter of this year.

The new ``megaplex'' facility will include 35 to 45 temporary housing units for overnight guests of MassMutual and numerous state-of-the-art training and conferencing rooms. Significant improvements, including attractive landscaping, will be made to the surrounding grounds. Parking for 160 vehicles will be provided. The property and structure was purchased by MassMutual from Monarch Enterprises LLC for approximately $4 million.

MassMutual corporate facilities in the Western Massachusetts region include its home office, at 1295 State Street in Springfield and employing approximately 4,500, and its broker-dealer, MML Investors Services, Inc., employing 128 at 1414 Main Street in Springfield. Mutual Financial Group is a global, growth-oriented, diversified financial services organization.

Its member companies provide life insurance, annuities, disability income insurance, retirement planning products, money management, and other financial products and services.