Suffolk Construction Co. said it has been selected to manage construction of the One Channel Center project in Boston.

The $125 million project, developed by a joint venture of AREA Property Partners and Commonwealth Ventures, will feature an 11-story office building with 525,000 square feet of space and a 10-level above-ground parking garage that can accommodate 950 vehicles, Boston-based Suffolk Construction said.

One Channel Center is located in the neighborhood that Mayor Thomas M. Menino has rebranded as the “Innovation District,” Suffolk Construction said.

When completed, something expected to happen in 2014, the new building will be fully occupied by State Street Corp., a financial services company headquartered in Boston.

Suffolk said it is partnering with architecture firm ADD Inc for the office portion of the project and architect Spalding Tougias Architects for the parking garage.