State Street to Sublet Just-Leased Seven-Story Office Building

QUINCY, MA-State Street Corp. will sublet a seven-story office building that it leased in March for 10 years. The move comes on the heels of the company’s decision to sublet 250,000 sf at One Lincoln St., a building under construction in Downtown Boston.

While the decision appears to be due to cost-cutting measures in the company, State Street spokesperson Alyson Riley, insists the decision is only indirectly related to the recent economic downturn’s impact on the company. “We don’t have the need for the space at this point,” Riley tells GlobeSt.com. “The decision reflects a change in our staffing needs right now. We have a slower pace of hiring due to the economy.” Riley emphasizes that the decision does not mean there will be layoffs.