Fidelity Investments is reportedly mulling the relocation of a sizeable number of employees to Rhode Island.

The mutual-fund behemoth is preparing to end leases for approximately 500,000 square feet in two downtown Boston high-rises, 53 State and One Federal, The Boston Herald reported.

The move would affect an estimated 1,000 to 1,500 employees working in the two towers, some of whom will likely go to “less prestigious, lower-rise buildings” controlled by Fidelity in Boston, according to the report.

Others, however, might be bound for Rhode Island, where a major expansion is in the pipeline, the report said, citing unnamed sources in the real estate industry.

Ending the pricey leases could result in savings for Fidelity, the report said, but the prospect of moving was greeted with anxiety by employees. 

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