State Street closing 2 NYC offices, part of its move to hybrid working

State Street Corp. plans to close its two New York offices as part of a transition to a hybrid work model, the Boston-based company said in a statement Monday.

"To accommodate our hybrid workforce, we have taken a diligent look at our real estate footprint in NYC and ensuring that our realty needs are in line with where our employees will be working," State Street said in the statement.

State Street employees who previously worked in offices at 1290 and 1040 Avenue of the Americas in Manhattan have access to a shared workspace in Manhattan as well as in Stamford, Conn.; Clifton, N.J.; and Princeton, N.J.

New York-based employees were notified of the office changes in May, State Street spokesman Edward Patterson said in an email.

State Street said in the statement that "like most other companies, we have seen our employees adapt quickly to working remotely and we intend to capture and adopt new ways of working that have arisen during the COVID crisis so we make the improvements and … adjustments as needed."

State Street has been considering whether to renew the leases for the two Manhattan offices since February or earlier, and in the first quarter, the firm subleased more than 50,000 square feet in the 1290 Avenue of the Americas building. The lease for that office building ends in 2025.

As of June 30, State Street had $3.9 trillion in assets under management, and assets under custody and/or administration totaled $42.6 trillion according to the company's second-quarter 2021 earnings report.

Bloomberg contributed to this story.