Cambridge-based Akamai Technologies plans to lease Boston Properties’ new 19-story, 453,768-square-foot office tower at 145 Broadway in Cambridge’s Kendall Square.

The state’s Economic Assistance Coordinating Council approved $700,000 in tax incentives for Akamai which will offset its lease costs in the new building, which is part of Boston Properties’ 1.1-million-square Kendall Square redevelopment. The Akamai tower would replace a 4-story office building.

The state incentive package is based upon a commitment for Akamai to hire 700 additional employees in Massachusetts. Akamai, which operates a network of 175,000 Internet servers globally, had $2.2 billion in 2015 revenues.

Headquartered at 150 Broadway, Akamai currently leases 490,000 square feet in six Cambridge buildings. Its 2015 rent expenses were $47.9 million, according to its annual report, and the majority of the leases expire in December 2019.

The company employs 1,666 full-time workers in Massachusetts and would add 700 more through 2020, according to the application for the Economic Development Incentive Program. The new positions would have an average salary of $100,000. Akamai would spend $111 million on building renovations and $25 million on furniture and fixtures.

Boston Properties plans to begin construction in 2017, according to executives in a recent conference call. The project also includes a 14-story, 318,644-square-foot office and lab building at 250 Binney St., a 34-story residential tower and an 8-story residential building.