State Street, which manages $3.5 trillion, is closing its New York offices

The move by State Street (STT), the company behind the “Fearless Girl” statue outside the New York Stock Exchange, underscores the pressure facing the commercial real estate market as the pandemic changes the way people work.

State Street, which manages about $3.5 trillion, is closing both of its offices located near Rockefeller Center. The move will impact approximately 500 employees who previously worked there, a person familiar with the matter told 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 said in a statement.