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

State Street, one of the world's largest asset managers, is shutting down its two midtown Manhattan offices as the Wall Street firm embraces a hybrid working model.

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.