200 Newport Ave. Quincy
State Street Corp. is offering to sublease its office space at two of the four buildings it occupies in Quincy, where it’s had a major back office presence for decades.
The Boston-based financial services provider is preparing to vacate the 1200 Crown Colony Drive and 200 Newport Ave. office buildings, according to commercial real estate industry sources.
State Street occupies the 146,000-square-foot Josiah Quincy building at 200 Newport Ave. next to the North Quincy MBTA station. The property was acquired by Boston-based Synergy Investments in 2011 for $25 million. State Street also leases the entire 235,000-square-foot 1200 Crown Colony Drive. That property was acquired for $43 million in January 2018 by Bridge Investment Group of Marietta, Georgia.
A local real estate source said State Street has “immiment” plans to vacate the two Quincy properties. State Street did not respond to a request for comment.
It’s not yet clear if State Street is seeking replacement office locations in Greater Boston. The company announced 1,500 layoffs in January in what it called high-cost locations, including an unspecified number in the Boston area. The cuts represent 3 percent of its global workforce.
State Street also leases space in Foxrock Properties’ 170,000-square-foot 1 Heritage Place in North Quincy and owns the 763,600-square-foot John Adams building at 1776 Heritage Drive.
The Quincy moves come as State Street prepares to reconfigure its headquarters space in downtown Boston. Developer HYM Investment Group broke ground Thursday on a 1 million-square-foot office tower called One Congress, in which State Street leased 510,000 square feet as anchor tenant. The tower is scheduled for completion in late 2022, when State Street’s lease at 1 Lincoln St. expires.
State Street also has a major presence in South Boston at One Channel Center, a 500,000-square-foot office building developed by CV Properties and Ares Management that opened in 2014.
The company’s global real estate footprint totals 8 million square feet, including eight office locations and two data centers in Massachusetts.
