New York’s Area Property Partners will finance more than $50 million of the costs for the new State Street building recently approved for One Channel Center in Boston.

The approximately $225 million project will provide 500,000 square feet of office space for State Street at the corner of Iron and A streets in the city’s Fort Point area.

Channel Center’s developer, Commonwealth Ventures, which has offices in Boston and Southport, Conn., has already transformed the old warehouses used by the Boston Wharf Co. into a mixed-use property with offices, residences and restaurants. Area Property Partners was an equity partner in the prior rehabilitation of Channel Center.

"Obviously, this is a developing area in Boston and the opportunity to be involved with State Street in a build-to-suit opportunity is really something that doesn’t come along very often in U.S. real estate today," said Lee Neibart, Area’s global CEO. "Our stake is tens of millions of dollars. Our partners, Commonwealth Ventures, are real pros at this, so we had no problem when they asked us to partner in this development. And a … building like this is certainly something we’re experienced with."

Neibart said the firm does not currently have other investments planned in Boston.

State Street is getting $11.5 million in tax breaks over the next 15 years from City Hall for building the new office structure. The company will pay $43.4 million in taxes to the city in that time.

"This will really anchor State Street in the city of Boston," said Susan Elsbree, director of communications for the Boston Redevelopment Authority.