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State Street Mulls Vacating Its Namesake Boston Tower

WeWork announced an 11-story lease at One Lincoln Street, better known as the State Street Financial Center, in early 2019.

State Street Corp. could be leaving the skyscraper in downtown Boston that is emblazoned with its name.

The financial services company reached out to landlords Tuesday to explore smaller real estate footprints than the 1M SF it leases at the net-leased 1 Lincoln St., the Boston Globe reports.

The company is looking for space between 500K SF and 700K SF, and could consolidate the workforces at State Street Financial Center and 100 Summer St. nearby. According to the Globe, the company only uses about that much space across the two buildings.

“With the existing leases for our 1 Lincoln Street Boston headquarters and our space at 100 Summer St. due to expire in 2023, it is the right time to assess both our new and existing real estate options," State Street told the Globe. "Boston has been our home for more than 225 years, and we remain committed to keeping our headquarters here.”

Equity Office owns 100 Summer St. and recently lost Nixon Peabody as a tenant there when the law firm decided to take a much smaller office at nearby 53 State St. Fortis Property Group has owned 1 Lincoln St. since 2006, when it paid $900M to acquire the building, which opened in 2003.