State Street Expands, Signs A 162K SF Burlington Lease Renewal
Financial institution State Street has renewed its lease in Burlington until 2037.
It signed a 162K SF lease, adding 15K SF from its previous lease, at National Development’s The District Burlington, according to a press release. The office is at 700 District Ave.
Pressed Café and Tuscan Kitchen have also renewed leases at the campus until 2037.
National Development acquired the campus in 2013 for $204M. The 10-building complex consists of 1.3M SF of offices, three retail buildings and a Marriott Residence Inn.
The developer markets the space as a "next-generation workspace" with amenities including proximity to dozens of dining options, electric vehicle charging stations and pop-up events.
Over the summer, the mixed-use campus near the Burlington Mall also landed 130K SF in lease renewals. These renewals include 45K SF from Cosmos, 45K SF from Black Duck Software and 43K SF from Regus.
State Street has been on the move in Greater Boston in recent years. The firm moved into its 510K SF headquarters at One Congress in 2023. It also announced plans to exit its lease at One Channel Center and consolidate operations over the summer.
The suburban office market continued to improve in Q3, with absorption turning positive and reaching 306K SF. That figure marks an increase of 905K SF quarter-over-quarter, according to CBRE.
Several large suburban leases were signed in the third quarter, including Arbella Insurance Group's 178K SF lease at 1200 Crown Colony Drive in Quincy.
