![]() ![]() North Quincy’s proximity to the MBTA Red Line and Southeast Expressway continue to be persuasive selling points. Boston mutual fund firm MFS Investment Management leased two floors in the building in 2008 and relocated 270 employees from downtown Boston. this year, occupying the newly-renovated office tower. The state’s Executive Office of Health and Human Services will move nearly 800 workers to the HarborSouth Tower at 100 Hancock St. North Quincy has emerged as a destination for office users looking to relocate from downtown Boston and save on rents. “That is good for North Quincy that they are there and they draw a lot of activity and a lot of bodies.” “Until they ever divested that owned asset, they’re always going to be there,” said Sean Lynch, an assistant vice president at Jones Lang LaSalle. Along with a building it leases at 200 Newport Ave., State Street owns the region’s largest office building at 1776 Heritage Drive. Real estate brokers say State Street is unlikely to abandon its North Quincy base. State Street is the largest occupant of office space in North Quincy, but it also leases large office buildings in Milton, Westwood and the Crown Colony office park in Quincy. The company now has 12,800 employees in Massachusetts, approximately 100 fewer than one year ago. “Quincy remains an important component of our real estate footprint and one of our largest employee bases,” spokeswoman Carolyn Cichon said.Ĭommercial real estate sources expect State Street to reduce its footprint after having laid off 1,800 employees from its global workforce in early 2009. State Street executives recently toured office parks in Braintree, Canton, Needham and Stoughton, a commercial real estate broker said.Ī State Street spokeswoman said it is too soon to discuss details of State Street’s strategy. Longtime tenants State Street and Blue Cross Blue Shield of Massachusetts have reduced their presence in the area over the past decade, but several new tenants have picked up much of the slack.īeyond Quincy, State Street is one the region’s largest employers and its appetite for vast blocks of office space sets the pace for occupancy rates and rents in the entire office market south of Boston.Īmong the Boston-based financial company’s options are renewing some combination of its existing holdings, leasing space at either of two vacant buildings in North Quincy, or looking elsewhere. State Street Corp.’s decisions could have ripple effects in North Quincy, home to the largest cluster of office space south of Boston. “It’s a very important decision that will have a trickle-down that affects how everything else goes.” Plunkett, a senior director at Cushman & Wakefield. “A lot of landlords and tenants are waiting to see what State Street does,” said J.P. The properties in Milton, Quincy and Westwood contain nearly 680,000 square feet of space. Leases on four State Street office buildings expire in 2011, and the company is reviewing its options. could change North Quincy’s office park landscape and redraw thousands of daily commutes for years to come. ![]() Impending decisions by State Street Corp. ![]()
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