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Rating:Is Fido Packing Up? Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, October 04, 2002

Is Fido Packing Up?

by: Sean Hanna, Editor in Chief

The current soft real estate in Boston may be too good for Fidelity to pass up. The Boston Behemoth is reportedly considering giving up leases to more than 300,000 square feet of office space in Downtown Boston.

The Boston Herald first reported the news in an article based on real estate industry sources. Fidelity would reportedly buy out the remainder of the leases, reported the paper.

The report comes days after Fidelity revealed plans to cut more than five percent of its workforce. The move is thought to be a part of Fidelity's strategy of basing employees in owned, rather than leased, office space. Fidelity occupies some three million square feet of space in the Boston area.

The leases in question are for 170,000 square feet of space at 53 State Street more than 150,000 square feet at 260 Franklin Street, according to the paper.

The office vacancy rate in Boston has climbed to 15 percent so far during the recession. The looseness in the market may provide Fidelity the opportunity to reshuffle its workforce. While the economy boomed and Fidelity was adding employees it moved much of its staff outside of the high rent district in downtown Boston.  

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