15 Necco Update 03/25/16

General Electric reaches deal to acquire Fort Point parcel


The Boston Globe reports that General Electric has reached a deal to buy a 2.5-acre parcel on Fort Point Channel. The parcel consists of two vacant warehouses and parking. General Electric will build a new headquarters facility on the parcel. Procter & Gamble, current owner of the parcel, will retain much of the current parking lot; only a section of the lot will be sold.


General Electric will develop the new facility in partnership with the Boston Redevelopment Authority. The Boston Redevelopment Authority will own the facility, and General Electric will lease. Sale of the 2.5-acre parcel is expected to close in nine to 12 months; General Electric hopes to occupy the new facility by 2018. General Electric has not yet filed development plans; an architect for the new facility is yet to be hired.  Approximately 800 people will work at General Electric's new facility.

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