State Street Corporation, the Boston-based investment services giant, is planning to move its headquarters into a skyscraper that is expected to break ground this summer. The building, known as One Congress Tower, is planned for a development called Bullfinch Crossing. It is one of six buildings planned for the site of the Government Center Garage. In September, plans for the 1 million-square-foot office tower got a boost when two Washington, D.C.-based real estate firms announced a joint venture to back the project, which is being developed by the Boston-based HYM Investment Group.At a planned height of 528 feet, One Congress would become Boston's 12th-tallest building, surpassing One Post Office Square. Construction is expected to begin in the summer of 2019.State Street said that moving its headquarters to the new building will enable the corporation to save money on operating costs.Last week, the company announced plans to reduce its workforce by about 6 percent and reduce senior management roles by 15 percent. “The workforce of the future is pushing us to rethink how and where we operate. Employees in today’s highly digitized world need space to collaborate and access state-of-the-art technology that supports flexible working and connectivity to support our clients," said Ron O’Hanley, president and chief executive officer of State Street. "We have seen great success with our Channel Center building in the Seaport that was designed for this purpose, and we are confident that One Congress will deliver an equally productive and successful environment.”State Street said their offices in the One Channel Center building, which has a long-term lease through 2030, will not be affected by this move.

State Street Corporation, the Boston-based investment services giant, is planning to move its headquarters into a skyscraper that is expected to break ground this summer.

The building, known as One Congress Tower, is planned for a development called Bullfinch Crossing. It is one of six buildings planned for the site of the Government Center Garage.

In September, plans for the 1 million-square-foot office tower got a boost when two Washington, D.C.-based real estate firms announced a joint venture to back the project, which is being developed by the Boston-based HYM Investment Group.

At a planned height of 528 feet, One Congress would become Boston's 12th-tallest building, surpassing One Post Office Square. Construction is expected to begin in the summer of 2019.

State Street said that moving its headquarters to the new building will enable the corporation to save money on operating costs.

Last week, the company announced plans to reduce its workforce by about 6 percent and reduce senior management roles by 15 percent.

“The workforce of the future is pushing us to rethink how and where we operate. Employees in today’s highly digitized world need space to collaborate and access state-of-the-art technology that supports flexible working and connectivity to support our clients," said Ron O’Hanley, president and chief executive officer of State Street. "We have seen great success with our Channel Center building in the Seaport that was designed for this purpose, and we are confident that One Congress will deliver an equally productive and successful environment.”

State Street said their offices in the One Channel Center building, which has a long-term lease through 2030, will not be affected by this move.