State Street to Sublet 250,000 SF at One Lincoln

BOSTON-In a move that will ratchet up the office space available here, State Street Corp. will be subletting 250,000 sf of space at One Lincoln St., the 36-story tower being developed in the heart of the financial district.

Hannah Grove, spokesperson for State Street confirms for GlobeSt.com that the financial firm will be subletting 250,000 sf of space at One Lincoln but she insists that the company always intended to sublet some of the tower’s space.

And according to local brokers, the decision was anticipated. “It doesn’t surprise me at all,” Bill Collins, senior vice president at Spaulding & Slye Colliers, tells GlobeSt.com. “How often does a company get to lease one million sf of space? This way they were able to control their own destiny.” Collins does not believe that State Street’s decision was impacted by the recent downturn of the economy but he does acknowledge that it puts additional sublease space in a market that already has two million sf of sublease space. But Collins is quick to note that because the building is not slated to be completed until 2003 it will have less of an impact on the current market.