State Street’s former iconic office tower that motorists see while driving up 93 will soon hit the auction block, the latest sign of a struggling post-pandemic commercial real estate market in the city.

The 36-story skyscraper at One Lincoln Street in the Financial District will be up for foreclosure auction next month, according to a recent auction listing.

Fortis Property Group acquired State Street Financial Center in 2006, when State Street occupied the building on a lease that ran through 2023. State Street has since moved its headquarters to near Boston City Hall, and Fortis has had a tough time filling all of its floors in the 1.1 million square-foot building.

The auction listing cited the “breach of the conditions of said Mortgage and for the purpose of foreclosing.”

Those who want to participate in the auction will have to pony up a $1 million deposit.

There’s apparently significant interest so far, according to an employee at the auction house.

“We’ve had a ton of calls and emails,” a worker at The Paul E. Saperstein Co., Inc., told the Herald. “There have been lots of inquiries.”

HarbourVest, which has been headquartered in Boston for more than 40 years, will be moving its headquarters to One Lincoln Street in a few months. The firm is taking over 11 floors in the building — about 250,000 square feet of office space — and the auction is not expected to delay the move.

“We are excited about the move to our new headquarters at One Lincoln Street this spring, which will provide our employees with a great place to work and support our continued growth in Boston,” a spokesperson for HarbourVest Partners, LLC, said in a statement.

The firm — an independent, global private markets firm with more than $125 billion of assets under management — is not expected to take part in the auction bidding next month.

In addition to the 36 stories, the building includes about 900 parking spaces in a five-level garage with heated ramps and 24/7 secured access.

The office tower has 25 elevators — including 20 high-speed passenger elevators, three freight elevators and two passengers cabs.

“A deposit of $1,000,000.00 paid into escrow is required not later than March 19, 2025 at 4:00 pm to participate in the auction sale & additional deposit to an amount equal to 5% of gross purchase price of sale is due within 5 business days of sale & balance due within 30 days,” reads the auction listing.

Back in 2019, State Street Corp. announced that it was relocating its headquarters to near Boston City Hall from its namesake One Lincoln office.

The custody banking giant in 2023 moved its corporate headquarters from the Financial District to near Boston City Hall. The 43-story tower is part of Boston-based developer HYM Investment Group’s six-building project for redeveloping the Government Center Garage, called Bulfinch Crossing.

Following the pandemic when office employees shifted to remote work, the city’s commercial real estate industry has continued to struggle. A report from Cushman & Wakefield at the end of 2024 showed the Greater Boston office vacancy rate of 17% — “a new record-high for the market.”

“The pattern held steady across both geography and asset class as Boston’s Downtown submarkets and Suburban submarkets posted increases of identical magnitude,” the report reads. “While Class A and Class B market segments each recorded spikes, the jump was most pronounced in the higher-tier assets.”

While the overall vacancy rate was 17%, the vacancy rate for the city’s Financial District was 20%.

Vacancy rates in certain parts of the city, like in the Back Bay and Seaport with newer Class A buildings, should improve slightly this year, the head of the Greater Boston Real Estate Board told the Herald. There have been signs of progress for newer buildings.

But the Financial District’s vacancy numbers will probably stay elevated.

“It’s a tough time there,” said Greg Vasil, CEO of the Greater Boston Real Estate Board. “You walk through there, and it’s like a ghost town a lot of days. It’s not anything like from before the pandemic.”

Businesses since the pandemic have shrunk office space, and saved more for their bottom line.

Meanwhile, Mayor Michelle Wu is trying again to pass legislation aimed at providing residential tax relief, which would shift more of the city’s tax burden from the residential to commercial sector.

The home rule petition Wu has filed features many of the elements included in a prior bill that was backed by the Council and House of Representatives but died in the Senate.

The auction of One Lincoln Street will take place on March 20 at 11 a.m.