Staff photo by Steve Adams

Pension fund managers Mass PRIM will relocate this summer to 53 State St. in Boston’s Financial District to accommodate recent and potential future staff expansion.

The investment managers leased 34,236 square feet at the 42-story office tower known as Exchange Place.

The transaction makes Mass PRIM a tenant in a property in which it has an ownership share. Mass PRIM, Allianz Real Estate and Beacon Capital Partners acquired the 1.2 million-square-foot tower for $845 million in 2018.

Mass PRIM also owns the property containing its existing offices at 84 State St., where it occupies 21,550 square feet.

The organization has added 34 employees over the past five years. The move will enable it to consolidate its workspace on a single floor on a lower floor in the historic original section of the building, a spokesman said. The new offices could accommodate twice the existing workforce. 

Mass PRIM, whose investment accounts include a fund that manages the Massachusetts teachers’ and state employees’ retirement systems, along with some municipal retirement systems, surpassed $100 billion in assets in late 2021.

During the 12 months ending Sept. 30, the PRIT Fund declined 9.6 percent because of factors including COVID, inflation, high interest rates and the war in Ukraine, according to a recent Mass PRIM report.