State Street pullout could leave 11-story Fort Point building vacant

State Street Corporation will vacate its 500,000-square-foot office at One Channel Center in Fort Point, affecting approximately 1,500 employees. Most employees will relocate to the headquarters at One Congress St, while others will move to North Quincy and Burlington. This decision comes several years before the lease expires in 2029 and is part of a broader strategy to consolidate the workforce into a centralized location. Dustin Sarnoski, head of global realty, emphasized the importance of in-person work, stating that the company's return-to-office mandate reinforces this approach. Local voices, such as Tom Ready from the Fort Point Neighborhood Association, expressed that the departure would not harm the neighborhood, as State Street employees often used the corporate cafeteria instead of local restaurants.

The move reflects a trend of workforce reduction in Greater Boston, with State Street consolidating its footprint over time. This shift highlights the evolving dynamics of office space utilization in a post-pandemic work environment. The decision underscores a significant change in the company's operational strategy amid a changing economic landscape.