Reliance Standard Life Insurance Company is relocating its Center City headquarters to 1700 Market St. in a move that will increase its office footprint and allow it to boost hiring.

Reliance Standard, a unit of Japan's Tokio Marine Group specializing in group employee benefits and fixed annuities, plans to move into the roughly 150,000-foot space in the office tower in late 2020, spokesman David Gittelman said in an interview Friday.

The move will allow the insurer to increase employment by 127 over three years, according to a release from Gov. Wolf's office, which is offering $631,000 in job-creation and economic development incentives in connection with the relocation.

Reliance Standard currently employs more than 550 workers at the 141,000 square feet it leases over five floors in the Commerce Square office complex at 2001 Market St., its home for the past 18 years.

Other relatively new tenants at the more-than-845,000-square-foot 1700 Market St. office tower, owned by San Francisco-based Shorenstein Properties L.L.C., include the Tierney public relations firm, real estate services firm HFF Inc., and business-information provider IHS Markit.