MutualFundWire.com: Fidelity's Moving

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Friday, November 16, 2012

Fidelity's Moving

Fidelity [profile] is moving … without leaving Boston.

This afternoon, chairman Ned Johnson revealed that the Boston Behemoth will switch its headquarters from 82 Devonshire Street to 245 Summer Street, next to Boston's South Station.

"Our new headquarters provides optimum facilities for integrating our various businesses located in Boston and is better suited to meet our future needs," Johnson said in a rare public statement.

Fidelity has had operations at 245 Summer since 1999. Johnson is considering selling or leasing its old headquarters, according to a spokesman.

"We expect to continue occupying office space at 82 Devonshire Street while we look at other possibilities for the building," the spokesman said.

The Boston Business Journal, the Boston Globe and Reuters all reported on the impending move. Fido has 600 employees at 82 Devonshire and 2,900 at 245 Summer, out of about 6,000 in the Boston area and 10,000 in all of Massachusetts.

Company Press Release

FIDELITY INVESTMENTS ANNOUNCES PLANS TO ESTABLISH NEW BOSTON HEADQUARTERS LOCATION

Company will relocate headquarters to 245 Summer Street, Boston

BOSTON, Nov. 16, 2012 -- Fidelity Investments today announced it will relocate its corporate headquarters to 245 Summer Street in Boston.

Fidelity first established a small presence in the building about a decade ago and since then has significantly transformed the 14-story, 900,000-square- foot property into a state-of-the-art facility.

“Our new headquarters provides optimum facilities for integrating our various businesses located in Boston and is better suited to meet our future needs,” Fidelity Chairman and CEO Edward C. Johnson 3d said. “We look forward to building on our storied Boston history in our new headquarters.”

Fidelity noted 245 Summer Street consists of 60,000-square-foot floor plates that provide options for designing flexible work environments for its business and employees.

Boston Mayor Thomas M. Menino said: “Fidelity’s decision to locate its corporate headquarters at 245 Summer Street is great news for our city. Situated at the crossroads of the Financial District and the Innovation District, this site is already a key location for Fidelity and will make a terrific headquarters. I am very pleased to see their continued interest and investment in this area of Boston.”

Fidelity first acquired the 245 Summer Street property in 1999. After initially sharing space in the building with other organizations, Fidelity began to increase its presence in the building, and about 2,900 of its employees are basedthere today. Fidelity employs more than 10,000 Massachusetts residents who work in New England.

About Fidelity Investments

Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of $3.8 trillion, including managed assets of $1.6 trillion, as of October 31, 2012. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.