State Street, which manages $ 3.5 trillion, closes its offices in New York

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The passage through State Street (STT), Company behind “Fearless Girl” Statue outside New York Stock Exchange, Highlights Pressure in Commercial Real Estate Market as Pandemic Changes the Way People Work .

State Street, which manages about $ 3.5 trillion, is closing its two offices near Rockefeller Center. The move will impact around 500 employees who previously worked there, a person familiar with the matter told CNN.

“To accommodate our hybrid workforce, we have diligently reviewed our real estate footprint in New York City and made sure our real estate needs are aligned with where our employees will be working,” State Street said in a statement.

The shutdown, first reported by The Wall Street Journal, was announced internally to State Street employees in May.

State Street said as the offices at 1290 and 1040 Avenue of the Americas disappear, the financial giant is adding shared workspace in Manhattan. And the company said employees will have access to other workspaces in New Jersey and Stamford, Connecticut.

“We are pleased that our New York area employees, including members of our global management team who live in New York City, have embraced and embraced our hybrid working model,” State Street said in the statement.

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