Fidelity Investments has begun moving 325 workers into an office building in downtown Providence after spending the last year-and-a-half on a $13.9 million renovation project, The Providence Journal reports.
Formerly known as the American Express building, the four-story building is next to the Providence train station and near the Providence Place mall, but had long been vacant and even went into bankruptcy, while other, newer office buildings in the city enjoyed a boom.
Fidelity signed a three-year lease on the 113,00-square-foot structure with the Rhode Island pension plan, paying $2.04 million a year. Once all of the employees have been moved into the structure, Fidelity will hold a ribbon-cutting ceremony early next month, a Fidelity spokeswoman said.
However, it will only be temporary space until Fidelity finishes building a 500,000-square-foot building at its Smithfield campus, as part of the company's plan to move 1,000 jobs to Rhode Island by 2008.
And while Fidelity has signed a three-year lease, the pension plan has the building on the market.