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Wednesday, February 06, 2013

What Will Happen to 82 Devonshire?

News summary by MFWire's editors

Will Ned and Abby get rid of 82 Devonshire?

In a rare public statement in November, Fidelity [profile] chairman Ned Johnson revealed that the Boston Behemoth was moving its longline headquarters to its 245 Summer Street offices, next to Boston's South Station. Now Greg Turner of the B oston Herald reports that Fidelity hired CBRE New England to either sell or lease out 82 Devonshire and three adjacent buildings. And the paper notes that Fidelity met with city planners, too, to discuss development options that fit within zoning.

"Given its desirable location in the heart of the Financial District on the edge of Downtown Crossing, we believe there are a number of attractive options for the buildings," Fido spokesman Vin Loporchio told the Herald.

Citing "Hub real estate experts," the paper expects that the old headquarters and the adjacent buildings could sell for $100 million to $140 million, or even more if a buyer plans to replace them with a skyscraper up to 400 feet tall, i.e. 36 to 40 stories.

The Herald clarified that Fidelity's 11-story building at 27 State Street would not be part of the deal.

The 245 Summer Street building includes about 2,900 Fidelity workers, including president and scion Abby Johnson. About 600 still work at 82 Devonshire. 

Edited by: Neil Anderson, Managing Editor

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