Fidelity Investments to purchase second building in Marlborough; Company adds to northeast regional site in second purchase from Digital Equipment Corp.

BOSTON--(BUSINESS WIRE)--December 19, 1994--Fidelity Investments today announced it intends to purchase a second 350,000-square-foot office building in Marlborough, Massachusetts, from Digital Equipment Corp.

The building will augment operations at Fidelity's fourth regional center outside of Boston and its first in Massachusetts.

The company plans to occupy the three-story brick and glass building, known as 3 Results Way, beginning in the fall of 1995. The building is adjacent to a similarly designed property, 4 Results Way, that Fidelity announced its intention to buy from Digital Equipment Corp. last August and plans to begin occupying next spring.

The company plans to house employees of Fidelity Investments Tax-Exempt Services Company (FITSCO) in 4 Results Way, along with employees of Fidelity Institutional Services Company (FIIS) and Fidelity Systems Company. FITSCO is one of the nation's top five providers of 403(b) retirement plans to nonprofit organizations. FIIS provides investment products and services to banks, broker dealers and other institutional companies.

Fidelity originally planned to move employees of Fidelity Institutional Retirement Services Co. (FIRSCO) from Boston to 4 Results Way, along with certain data center operations of the Fidelity Systems Company. The company now plans to locate all FIRSCO employees in the 3 Results Way building. FIRSCO is the nation's leading provider of 401(K) retirement savings plan.

"These moves will enable us to consolidate some of our operations, which are now scattered over several locations in Boston, at one site," said Gerald M. Lieberman, senior vice president/administration for Fidelity. "The move also gives us the expansion space we need in Boston."

In August, Fidelity also announced that it will renovate its Boston headquarters on Devonshire Street.

The Marlborough buildings, located in a campus-like setting, are situated on two lots totaling about 77 acres. Combined, they will give Fidelity approximately 700,000 square feet of office space at the site, which will accommodate both current and future needs. Digital Equipment Corp. currently occupies 3 Results Way; the other building is vacant.

The purchases will bring the total office space occupied by Fidelity in Massachusetts to more than 3 million square feet, about 1.8 million of which is in Boston. The suburban Boston complex in Marlborough is Fidelity's first Northeast Regional site, joining its Midwest Regional Center (Covington, Ky., and Cincinnati, Ohio); its Southwest Regional Center (greater Dallas); and its Western Regional Center (Salt Lake City), in addition to its Boston home.

Approximately 7,000 of the company's 14,400 regular employees nationwide are located in the greater Boston area. Since August 1993, Fidelity Investments has added more than 1,600 new regular jobs in Massachusetts.

Fidelity Investments, with total customer assets of $404.4 billion as of Oct. 31, 1994, is one of the country's leading providers of financial services. With 79 Investor Centers around the United States, Fidelity is the nation's largest mutual fund company and second largest discount brokerage company. Fidelity is also the nation's largest provider of 401(k) plans to corporations, and one of the top five providers of retirement plans to non-profit institutions.

CONTACT: Fidelity Investments

Jane Jamieson, 617/563-5800