The Block has officially hit the block.
Fidelity Investments' former downtown Boston headquarters — five adjacent Financial District properties occupying an entire city block — is being marketed as "The Block on Congress" to prospective buyers.
With nearly 344,000 square feet of rental space on an acre-plus of land, it's the "last great" redevelopment opportunity in the center of the district, said Andy Hoar, president and co-managing partner of CBRE New England.
"We expect there to be aggressive pricing," Hoar said. "The fact that the site is attractive to both multi-family residential investment, as well as hotel and office — and combined with the fact that Boston is one of the top gateway cities in the country from an investment standpoint — makes it a very attractive time to sell."
As first reported by the Herald last month, Fidelity has hired CBRE to sell the properties: four buildings at 82 Devonshire St./35 Congress St., 68 Devonshire St., 19 Congress St. and 15 Congress St.s, and a parcel of land at 54 Devonshire St. The commercial real estate firm is marketing the portfolio to a broad group of local, domestic and foreign investors and developers.
Hoar declined to speculate on the potential selling price, but Hub real estate experts estimate the block could command $100 million to $140 million based on similar sales — or more because of its redevelopment potential.
Investors have various options for the buildings, from leasing them to repositioning them, to building a new mixed-use development in an area where several neighboring buildings are more than 400 feet tall. Fidelity will lease back the buildings for an undisclosed period of time — 600 of its employees work in the buildings — giving the new investor flexibility as it puts together development plans.
Fidelity announced in November that it was moving its headquarters to 245 Summer St., a 900,000-square-foot building near South Station that it acquired in 1999 and where 2,900 of its workers are based.
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