Fidelity Investments is marketing its Boston headquarters as its set to move to a new office location on Seaport Boulevard, according to a central business report from Savills.
Bisnow further reported, citing a source, that the financial service giant has specifically put its 803,000 square-foot space up for sublease at 245 Summer St.
That comes as Fidelity is anticipated to move into Seaport Boulevard's redevelopment of the World Trade Center in 2026. The new office would give the company 650,000 square feet of space, with sister firm Pembroke, heading the efforts on the project, according to the news outlet.
Recommended For You
Meanwhile, Savills said that the overall availability rate in Boston's CBD dropped by 70 basis points year-over-year to 23.5 percent in the first quarter, with the CRE firm warning that Fidelity's "relocation will further pressure availability upward once the space is within 12 months of occupancy."
"While many large trophy tenants are opting to stay in place rather than relocate to higher-priced new developments, they continue to prioritize quality space-just not necessarily at a new construction premium," it added.
Previously, Fidelity simultaneously leased and owned 245 Summer St before selling it to Benderson Development in 2004. Then, interestingly in 2020, Fidelity's affiliate Horizon Real Estate Investors LLC, purchased the 14-story property for $728.5 million from Benderson.
The largest lease in Boston's CBD in the first quarter involved Klaviyo's renewal and expansion of 256,000 square feet at 125 Summer St. Leasing activity was up overall in the market by a modest 400,000 square feet year-over-year to one million square feet.
As far as rental rates go, they were up 0.7 percent to $66.41 per square foot. In the near-term, Savills expects renewal delas in the CBD to continue to "surge."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
