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One Congress in Bulfinch Crossing advances toward construction after State Street lease

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Financial services giant’s plan to relocate means Boston’s tallest new office tower in decades likely a go

Rendering of six-building Bulfinch Crossing Rendering via the HYM Investment Group

Financial services firm State Street Corp.’s recent decision to exit its headquarters at One Lincoln Street near South Station for new offices in the Bulfinch Crossing development will clear the way for the construction of the tallest new office building in Boston since 1984.

Recall that the 43-story, 528-foot One Congress is a key component of the under-development Bulfinch Crossing project on and around the Government Center Garage downtown.

There has been a financing deal in place for the planned 1 million-square-foot tower since fall 2018, but State Street’s 15-year lease for 510,000 square feet gives developer HYM Investment Group a major impetus to start construction (and likely creates a major draw for other potential office tenants).

That construction will include the demolition of more of the Government Center Garage—yet another example of the repurposing or removal of conventional parking garages in Boston. HYM plans to finish One Congress by 2023, the year State Street plans to move, per the Globe’s Jon Chesto and Tim Logan.

If everything goes according to plan, One Congress will be the tallest new office tower in Boston since the 590-foot One Financial Center opened in April 1984.