Lowell, MA Kronos Inc. hosted a ceremonial golden sledgehammer groundbreaking event to commemorate construction of its new $40 million global headquarters facility at Cross Point, which the company is set to occupy by the summer of 2017.

Kronos executives and Cross Point owners, Anchor Line Partners and Farallon Capitol Management, joined by state and local officials – including Mass. secretary of housing and economic development Jay Ash, Lowell representative David Nangle, and Lowell city manager Kevin Murphy – spoke about what this landmark move means for the company, the city, and Massachusetts’ innovation economy. Speeches were followed by the ceremonial swinging of golden sledgehammers to officially kick-off construction.

After the golden sledgehammer ceremony, guests attended a reception at the newly opened Tavern in the Square at Cross Point.

To accommodate the company’s consistent and exceptional growth as the $1.1 billion global leader of workforce management solutions in the cloud, Kronos entered into a 12-year lease to relocate its global headquarters to Cross Point, making it one of the largest office lease relocation transactions in Greater Boston in the past decade.

Kronos and Anchor Line, which purchased Cross Point in 2014, plan to invest more than $40 million to design and build-out a completely modernized, high-tech facility across more than 435,000 s/f of office space befitting of Kronos’ award-winning WorkInspired culture. Kronos plans to move nearly 1,300 employees into the Kronos Tower at Cross Point.

Kronos is the global leader in delivering workforce management solutions in the cloud. Tens of thousands of organizations in more than 100 countries — including more than half of the Fortune 1000 — use Kronos to control labor costs, minimize compliance risk, and improve workforce productivity.