Sign up for the Today newsletter
Get everything you need to know to start your day, delivered right to your inbox every morning.
State Street pullout could leave 11-story Fort Point building vacant
The move comes about four years before the financial company’s lease ends.
State Street Corporation is set to move out of its Fort Point location, potentially leaving the 500,000-square-foot building on A Street vacant.
The financial services company will depart from One Channel Center later this year, according to a Boston Globe report. The move comes about a decade after the Boston-based company moved into the sprawling office space, which was developed in the early 2010s. The move is happening several years shy of the end of the company’s lease, which is up in 2029.
According to the report, the roughly 1,500 company employees who work at the 11-story building will depart in the fall, with most going to State Street Corp’s headquarters tower at One Congress St. Other employees will go to the North Quincy and Burlington locations.
Advertisement:
In addition to cost savings, the move is meant to consolidate the company’s workforce into a more centralized location, Dustin Sarnoski, head of global realty at the company, told the Globe.
In the fall of 2023, as part of a post-pandemic return-to-office push, State Street started requiring employees to be in the office at least four days a week.
“The reason here [for the move] is purely we’ve seen the value of working in person,” Sarnoski told the outlet. “It’s been reinforced with our return-to-office mandate. … It makes much more sense to have people in person in the same building.”
Advertisement:
Fort Point Neighborhood Association board member Tom Ready told the Globe that State Street Corp’s departure from One Channel Center wouldn’t negatively affect the neighborhood. One reason, he said, is that the employees tend to eat at the corporate cafeteria instead of patronizing nearby restaurants.
“They’ve been consolidating their footprint over time and reducing the size of their workforce in Greater Boston,” Ready told the Globe. “It’s not a surprise to us that they’re either moving out entirely or don’t require the full building anymore. [But] it is a surprise they’re leaving before their lease is up.”
To comment, please create a screen name in your profile
To comment, please verify your email address
Conversation
This discussion has ended. Please join elsewhere on Boston.com