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State Street boasts 1 million sq. ft. lease in Beantown

BOSTON — State Street Corp. has leased 1 million sq. ft. of office space at One Lincoln Street, which it will begin occupying in June 2003 upon completion of the office tower. Represented by John P. Barry in the Boston office of Dallas-based Trammell Crow Co., State Street will lease the space from Florham Park, N.J.-based Gale & Wentworth.

Construction on One Lincoln Street was approved in 1990, but an economic downturn brought the project to a halt. In late 1999, Gale & Wentworth, along with Morgan Stanley Real Estate Funds and The State Teachers Retirement System of Ohio, entered into a joint venture with Columbia Plaza Associates, and then completed the design, approval and permitting for the project. Subsequently, construction on the $350 million project began in April 2000.

The 465-ft.-tall building, which will house 5,000 State Street employees upon completion, will provide at least 500 construction jobs over the next few years. Columbia Plaza Associates, a group of Boston-area Asian American, African American and Hispanic investors, encouraged the development partnership to contribute more than $15 million in linkage payments to several minority groups in the city. The contributions will go toward job training, childcare, minority business enterprises and affordable housing. One Lincoln Street is situated at the southern edge of the financial district and is one block from South Station.

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