General Electric Headquarters Fort Point land sale closes for $83 million

General Electric and MassDevelopment closed Friday (December 16th) for $83 million on the acquisition of the 2.5-acre future site of General Electric’s $200 million headquarters in Fort Point. The site was sold in two separate transactions.

MassDevelopment paid $57.4 million to acquire the historic warehouses at 5 and 6 Necco Court, which will be renovated and incorporated into the future headquarters facility. MassDevelopment's acquisition is part of the State of Massachusetts' $120 million incentive that is being used to build General Electric's headquarters. MassDevelopment also closed Friday on $90 million of financing through Citizens Bank, which will be used to acquire and renovate the Necco Court warehouses.

General Electric paid $25.6 million to acquire the remaining land on which a new 12-story, 293,000 square foot building will be constructed. General Electric’s new facility will total 390,000 square feet. It was also announced Friday that Suffolk Construction will be the facility’s construction manager.

View 15 Necco >>