The State Street Financial Center in downtown Boston may soon no longer have its namesake company as a tenant.
State Street Corp. is weighing a move to a much smaller space than the 1 million square feet it leases at the 36-story tower, also known as One Lincoln St. The tower was built nearly two decades ago with State Street in mind and is one of the few in the city with its main corporate tenant’s name emblazoned on its spire.
But the financial services giant currently leases out much of its space in the tower today, and Tuesday it issued a request to landlords for much smaller office space once its 20-year lease at One Lincoln expires in 2023.
State Street also rents space in the nearby 100 Summer St. tower, and that lease is also coming up for renewal.
The company is seeking between 500,000 and 700,000 square feet of space — about the combined space it currently uses at One Lincoln and 100 Summer. An office lease of that size would be a prize to a landlord or a developer looking for a big-name tenant to anchor a new tower.
State Street officials only offered a brief statement, in which they reaffirmed the company’s commitment to keep its headquarters in Boston.
“It is standard practice for us to fully evaluate the real estate market several years ahead of any of our lease expiration dates,” spokeswoman Julie Kane said. “With the existing leases for our 1 Lincoln Street Boston headquarters and our space at 100 Summer Street due to expire in 2023, it is the right time to assess both our new and existing real estate options. Boston has been our home for more than 225 years, and we remain committed to keeping our headquarters here.”
State Street’s only other office in Boston is One Channel Center, a 500,000-square-foot building that opened in 2014 off A Street in Fort Point. The company’s lease there runs until 2030. It also has major local operations in Quincy.
The One Lincoln tower is owned by Fortis Property Group, while 100 Summer is owned by Equity Office.Jon Chesto can be reached at firstname.lastname@example.org. Follow him on Twitter @jonchesto.