Business

Fidelity sells 69 acres in RTP

Fidelity Investments has sold 69 acres in Research Triangle Park back to the not-for-profit that runs the park.

The Research Triangle Foundation paid $12,087,000 for the land, according to property records.

The land is part of two tracts totaling 192 acres that Fidelity owns near the intersection of Interstate 540 and Davis Drive in Wake County.

Fidelity originally acquired 268 acres in the park where it planned to build a campus. Those plans, first announced in 2006, were put on hold when the economic downturn began.

In 2011, the company decided instead to acquire and renovate the Network Center office park in RTP, where it had been leasing several buildings. The center, which is on a 116-acre parcel at the southeast corner of N.C. 54 and Davis Drive, was once the home of Nortel Networks.

Fidelity unveiled a renovated Network Center in early 2013. The site is where the bulk of the Boston-based company’s 3,500 employees in Wake and Durham counties now work.

Fidelity announced in October plans to add 600 jobs during the next three years in the Triangle.

The Research Triangle Foundation has the first option to repurchase any land that’s sold in the park.

The foundation has acquired the Fidelity land just as it is ramping up its efforts to modernize the park by adding retail and residential development.

In October, the foundation announced that it is moving forward with the first phase of its redevelopment of Park Center, an aging office park at N.C. 54 and Davis Drive in the Durham County section of the park.

The project is being financed with $50 million in private and public sector funds.

David Bracken: 919-829-4548, @brackendavid

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