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State Street Corp. is planning to vacate its offices in Boston’s Fort Point neighborhood, a move that could impact the city’s commercial real estate market. The financial services giant has occupied a significant portion of the 10-story building at 100 Federal Street, which was part of a larger progress that also included the garage sold along with the garage for more than $300 million to Tishman Speyer in 2015.The city of Boston offered a property tax break once valued at $11.5 million over 15 years for the project, to help get construction going. The tax break for the property, which runs out at the end of 2027, does not hinge on maintaining a certain number of jobs there.
Tom Ready, a board member at the Fort Point Neighborhood Association, said the departure would have a relatively low impact on the surrounding neighborhood, in part because State Street employees have tended to use the corporate cafeteria instead of eating out at local restaurants.
“They’ve been consolidating their footprint over time and reducing the size of their workforce in Greater Boston,” Ready said of State Street.”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 indeed a surprise they’re leaving before their lease is up.”
Jon Chesto can be reached at jon.chesto@globe.com. Follow him @jonchesto.