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Wednesday, August 08, 2012

State Street Shrinks in Mass

News summary by MFWire's editors

While State Street's presence on the global scale continues to grow, their presence in Massachusetts has been shrinking, the Boston Business Journal reports.

State Street boasts some of the state's most influential corporate citizens. However, the company employs 1,100 fewer people in Massachusetts than it did in 2008. In the same amount of time, the company's local real estate foothold has declined by nearly 1 million square feet.

In 2014, State Street will move important operations to a new building on the South Boston Waterfront, the result of an agreement that provided $11.5 million in city property tax relief. This move will presumably secure the firm's continued presence in Massachusetts, at least for a while. 

Edited by: JY


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