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Following State Street Corp.’s recent decision to vacate the property, the One Channel Center office building in Boston’s Fort Point has been transferred to a special servicer.
Landlord Tishman Speyer made the decision to transfer the $166 million loan “to proactively engage with the special servicer in advance of the loan’s maturity,” a spokesperson told Bisnow.
State Street plans to relocate employees to other local offices including One Congress in Boston.
The Channel Center location has been the headquarters of State Street Corp.’s asset management arm, State Street Investment Management.
The property was developed on a build-to-suit basis for State Street Corp. by CV Properties and Ares Management, and opened in 2014. State Street Corp.’s lease runs through 2029, but the $166M loan is scheduled to mature in December.
New York-based Tishman Speyer acquired the property in 2015 for $316.5 million. It includes an 11-story, 501,650 square-foot office building and 967-space parking garage.
“We remain focused on developing a thoughtful and responsible path forward for the property,” a spokesperson said in a statement.
