Pembroke Looks To Redevelop World Trade Center
Should the Seaport’s World Trade Center get redeveloped, Fidelity Investments will not use the project to consolidate local employees under one roof. Pembroke Real Estate announced Wednesday that it is in the preliminary stages of a study to redevelop its 804k SF World Trade Center, which houses offices for 1,500 Fidelity employees.
Fidelity spokesperson Alicia Curran Sweeney said the financial firm employs 5,000 in Massachusetts, and everyone would not be able to fit at the site — and there are no plans to expand its Seaport presence, even as it studies its real estate usage nationwide.
“Fidelity continually evaluates our real estate portfolio based on a number of factors, including lease expirations, the flexibility of our existing space and our future business needs. Boston is our headquarters and we do not expect this study to affect our headcount,” Curran Sweeney said.
Curran Sweeney said the financial firm has a flexible, long-term lease at its headquarters at 245 Summer St. The company employed 10,000 in Massachusetts when it moved there in 2012 from its longtime home at 82 Devonshire St.
The upgraded office space would only be one component of the redevelopment. Pembroke is also looking at expanding the Seaport Hotel and adding a bigger retail footprint to the facility. The World Trade Center site would join ongoing neighborhood projects like WS Development's 7.7M SF Seaport Square down the street.
“We’re reassessing [the World Trade Center] for the highest and best use,” Pembroke spokesman Michael Aalto said.