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Fidelity Investments has indicated it will vacate its headquarters near Boston’s South Station in entirety after it opens its refurbished Commonwealth Pier offices in the Seaport District.
The 245 Summer St. property contains 803,000 square feet of office space.
Fidelity had leased the Summer Street offices from 2004 to 2020 from Benderson Development of University Park, Florida before buying back the property in early 2020 just as the COVID pandemic rattled the foundations of the office market.
The mutual fund giant had not previously indicated its future plans for the property, which were first reported by Bisnow.
The Commonwealth Pier project was planned before the COVID pandemic, and adds 134,00 square feet of office space to the existing Seaport Boulevard building to create a 635,920-square-foot office complex.
Fidelity leases the waterfront property from Massachusetts Port Authority.
A Fidelity spokesperson declined to comment on its real estate portfolio strategy. The Commonwealth Pier project is scheduled to open in phases, starting with new retail and restaurant space in 2025, and the office space move-ins taking place in 2026.
The Summer Street property is listed by brokerage JLL, and lists all of the office space becoming available by January 2027, according to a real estate industry source.
Fidelity switched to a hybrid workplace policy during the pandemic. Since September 2024, Fidelity has required most U.S. employees to work in the office a total of two weeks per month.
Fidelity established 245 Summer St. as its headquarters in 2012, in a relocation from its longtime home office at 245 Devonshire St. in the Financial District.
The Summer Street property is currently assessed at $379.4 million, according to Boston assessors’ data, down from $419.9 million in fiscal 2024.
Fidelity didn’t provide employee headcounts at the two properties. Before the redevelopment project started, Fidelity had approximately 1,500 employees based at Commonwealth Pier.
Fidelity reported $15 trillion in assets under administration at the end of 2024, up 20 percent from the previous year.
