Fidelity Investments is moving its corporate headquarters to Summer Street on the edge of the Innovation District — a change that analysts say signals a major shift in the Financial District toward the Southie waterfront and reaffirms the financial giant's commitment to Boston.
"The hub of the financial services industry is clearly moving toward the water. Parking is easier, commuting is easier — both for Fidelity's employees and its clients — and they're right across the street from some of the biggest financial players in town," said Jim Lowell, editor-in-chief of the independent newsletter fidelityinvestor.com, referring to the Federal Reserve Bank of Boston and BlackRock. "I think we'll likely see the complete redefinition of the Financial District away from State Street."
Fidelity, led by founder and chairman Edward "Ned" Johnson, first acquired the 245 Summer St. property in 1999. After initially sharing space in the building with other businesses, the company began to increase its presence in the 14-story, 900,000-square-foot property, and about 2,900 of its employees are based there today. The 600 at its current headquarters and its other buildings on Devonshire and Congress streets will remain there until the company decides the future of that block, said Vincent Loporchio, a Fidelity spokesman.
"The new headquarters is in a prime real estate area that offers lots of options," Loporchio told the Herald. "We've long felt it was a terrific part of the city."
Fidelity was a pioneer in the Innovation District when there was little else there, he said, noting that its developments included the World Trade Center and the Seaport Hotel.
Since then, the area has attracted everything from the Institute for Contemporary Art to the high-end clothing store Louis Boston to the startup accelerator and competition MassChallenge — a string of coups that the head of The Boston Harbor Association credited largely to Mayor Thomas M. Menino,, who branded the area the Innovation District.
"He created the image that this is the place to be," said Vivien Li. "It's about innovation, creativity, edginess. To be in this area is to be in a very exciting part of the city."
Ultimately, Fidelity's move is also good news for Boston and the state, said John Bonnanzio, editor of Fidelity Monitor & Insight, an independent investment advisory newsletter.
"Psychologically, it's a shot in the arm and takes off the table any concern that the company would move elsewhere," Bonnanzio said.
In March 2011, Fidelity announced it would close its Marlboro campus and send most of those 1,100 jobs to its offices in Merrimack, N.H., and Smithfield, R.I. Last month, the company said it would build a $200 million data center in Nebraska.
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