Image courtesy of Williams New York

The owners of Boston’s One Lincoln will spend $200 million to update the 1.1 million-square-foot office tower after landing a partial replacement for departing anchor tenant State Street Corp.

Private equity fund manager HarbourVest will lease 250,000 square feet on seven floors in the Fortis Property Group-owned tower, which has served as State Street Corp.’s headquarters for two decades. The lease was reported first in The Boston Globe.

HarbourVest will move two blocks from One Financial Center and occupy seven floors in the building in mid-2025, while receiving naming rights to replace State Street’s sign atop the 36-story tower. HarbourVest has 700 Boston-based employees.

Fortis plans a series of upgrades to the tower as it attempts to lease vacant space left behind by State Street when it relocates in early 2023 to 510,000 square feet at the new One Congress tower being developed at Government Center by HYM Investment Group.

The firm this week closed on a $1 billion refinancing of the property and plans to spend $200 million on capital improvements to upgrade the amenity package. Fortis plans to update One Lincoln’s lobby and add a food market and beer garden, along with recreational facilities including a basketball court on a new eighth-floor roof terrace.

“HarbourVest has been headquartered in Boston since our founding 40 years ago, and we are excited to continue growing our presence locally in this dynamic city,” John Toomey, managing director of HarbourVest Partners, said in a statement.

Portions of the building will be converted into flex spaces with stadium-style seating for large events, Fortis Property Group announced.

One Lincoln Plans $200M Upgrade for New Anchor

by Steve Adams time to read: 1 min