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The transfer by State Street (STT), the corporate behind the “Fearless Girl” statue outdoors the New York Stock Exchange, underscores the stress going through the industrial actual property market because the pandemic changes the way people work.

State Street, which manages about $3.5 trillion, is closing each of its offices positioned close to Rockefeller Center. The transfer will affect roughly 500 workers who beforehand labored there, an individual acquainted with the matter advised CNN.

“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 mentioned in an announcement.

The shutdown, first reported by the Wall Street Journal, was introduced internally to State Street workers in May.

State Street mentioned that whereas the offices positioned at 1290 and 1040 Avenue of the Americas are going away, the monetary large is including a shared workspace in Manhattan. And the corporate mentioned workers can have entry to different workspaces in New Jersey and Stamford, Connecticut.

“We are happy our NYC-area employees, including members of our global executive leadership team who call New York home, have welcomed and are embracing our hybrid working model,” State Street mentioned within the assertion.

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