Photo courtesy of Google Maps
In the latest reconfiguration of the state government’s office footprint in Boston, seven agencies will relocate to an office property in Boston’s Financial District in 2025.
The new offices will occupy nearly 75,000 square feet at 40 Broad St., according to the state Division of Capital Asset Management and Maintenance.
Relocating to the century-old office building historically known as the Insurance Exchange are the Executive Office of Health and Human Services, MassAbility, Department of Youth Services, Massachusetts Commission for the Deaf and Hard of Hearing, Department of Developmental Services, Department of Mental Health, and the Massachusetts Commission for the Blind.
All of the agencies are relocating from two properties: Northland Investment Corp.’s 600 Washington St. in Downtown Crossing, and BioMed Realty’s 1000 Washington St. in South End.
BioMed Realty plans to market the available space to a wide range of industries including medical offices, clean energy companies and AI firms, BioMed President of East Coast and United Kingdom Markets President Bill Kane said last month.
State agencies have emerged as a significant leasing driver in downtown Boston as current terms expire in 2024 and 2025. The seven agencies are expected to relocate to 40 Broad St. by early fall of 2025, a DCAMM spokesperson said.
Assessors records list the owner of the 285,000-square-foot building as an affiliate of Dallas-based Invesco.
Like private companies, the agencies are taking advantage of the record vacancy rates to upgrade to higher-tier office space as leases expire, DCAMM Commissioner Baacke said this summer.
In one of the largest transactions of the third quarter, DCAMM leased 106,000 square feet at 1 Federal St. The Beacon Hill office tower will become the new home to the Division of Banks, Division of Insurance and Office of Consumer Affairs.
DCAMM also recently renewed its lease for 286,308 square feet at Intercontinental Real Estate Corp.’s 100 Cambridge St. tower, formerly known as the Leverett Saltonstall Building, through 2052.
