General Electric Headquarters acquisition deal moving forward, construction could start this fall

The Boston Globe reports that General Electric (GE)’s acquisition of its’ future Fort Point headquarters site is moving forward. On Thursday, the board of MassDevelopment, the state economic development and finance agency, reportedly authorized the purchase of the two historic warehouse buildings at 5 and 6 Necco Court, which will be incorporated into GE’s headquarters facility, and an acre of land that will be used for open space. The MassDevelopment board also authorized MassDevelopment on Thursday to apply for up to $120 million in state grants that would be used for the purchase and improvement of GE’s headquarters site.

MassDevelopment Chief Executive Marty Jones states that GE aims to start construction work at the the historic buildings as soon as this fall, with completion and occupancy of the entire facility expected in 2018. GE executives will move this summer to 33-41 Farnsworth Street in Fort Point, which will serve as GE’s temporary headquarters.

GE’s acquisition of the headquarters site is expected to close in September. The approximately 2.5 acre site will reportedly be subdivided into an acre of open space, approximately half an acre where the historic buildings stand and approximately one acre where GE’s new 293,000 square foot building will be erected. MassDevelopment will reportedly own the open space and historic buildings parcels, and GE will own the new building parcel. GE will lease the historic buildings from MassDevelopment.

More information about the General Electric Headquarters project is posted below.

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