News
Fidelity to Empty 750k SF in Marlborough
March 16, 2011
| So the rumors circulating for several months are true: Fidelity Investments is again cutting its Massachusetts workforce, this time by 1,100 employees from its Marlborough campus. |
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| The mutual fund giant said yesterday that by the end of next year, it will move most of its staff out of the two-building complex (that a unit of Fidelity purchased in the mid-'90s) and other facilities. Many of the jobs will hop the state line into NH and RI. Colliers International's managing director James Elcock, right, tells us this is a ?big blow to the town, the Rt 495 West marketplace, and the Massachusetts economy. ?The state will lose high-paying, high-skill, high-motivation jobs.? To have 750k SF come up for sale or lease in the 495 market, which is already 31% vacant with gross asking rents in the mid-teens, will ?absolutely depress values and keep tenants in control for some time.? |
