State Street to Relocate HQ to Boston’s One Congress

The global financial services firm signed a 510,000-square-foot lease at the upcoming building, part of the six-property Bulfinch Crossing development.
One Congress
One Congress

State Street Corp. will move its corporate headquarters to One Congress, a 1 million-square-foot office tower currently under development. A partnership of National Real Estate Advisors, Carr Properties and The HYM Investment Group is constructing the project, which is part of the $1.5 billion, six-building development Boston’s Bulfinch Crossing.

Currently calling 1 Lincoln St. in Boston home, State Street will begin a 15-year lease for 510,000 square feet in the building in 2023 when its current lease expires. “State Street has called Boston home for 226 years, and today’s announcement reinforces our continued commitment to this thriving and distinctive city,” Ron O’Hanley, State Street’s president & CEO, said in a prepared statement.

Pelli Clarke Pelli and CBT are in charge of designing the 43-story One Congress, located adjacent to the Boston Public Market. Construction on One Congress is expected to get underway this summer with a planned delivery date of year-end 2022. When completed, the project is expected to feature an original glass curtain wall design. Amenities are set to include more than 30,000 square feet of fitness space, a one-acre, outdoor roof garden, shared conferencing space and numerous upscale food and beverage offerings. There will also be ample parking and bike facilities for those who prefer biking to work.

“One Congress offers a unique design and a set of amenities that will contribute to the fabric of downtown Boston,” Oliver Carr, Carr Properties’ CEO, said. “The project fits perfectly with our strategy of owning, developing and operating differentiated buildings that offer an amazing experience for our customers. We intend to take very good care of State Street as a valued customer for many years to come.”

Moreover, tenants will enjoy sweeping views of such notable sites such as the Boston Harbor, the Financial District, North End, and the Zakim and Tobin bridges. 

“The workforce of the future is pushing us to rethink how and where we operate. Employees in today’s highly digitized world need space to collaborate and access state-of-the-art technology that supports flexible working and connectivity to support our clients,” O’Hanley said. “We have seen great success with our Channel Center building in the Seaport that was designed for this purpose, and we are confident that One Congress will deliver an equally productive and successful environment.”

In 2014, State Street also leased space at One Channel Center in Boston’s Seaport, and its lease continues until 2030.

Transformative redevelopment

Bulfinch Crossing is transforming the existing 4.8-acre Government Center garage site into a vibrant downtown Boston development, which will consist of 2.9 million square feet of residential, office, hotel and retail offerings. One Congress will represent the second phase of the development.

One Congress is situated just three blocks from North Station, offering solid access to the Haymarket MBTA Station, which is located on site, Logan Airport, and interstates 93 and 90. It also has a 99-point Walk Score, and allows easy pedestrian access to the Boston Public Market, Boston’s North End and the Rose Kennedy Greenway.

Image courtesy of State Street Corp.