General Electric is dramatically scaling back its plans for a corporate headquarters in Boston’s Fort Point.
As part of that, the company no longer plans to build a glassy 12-story tower in Fort Point and will reimburse the state for the $87.4 million incentives package that it used to acquire and prep the Fort Point site back in 2015 and 2016.
GE also plans to work with the state in marketing the 2.7-acre site, which includes two Necco Court buildings that the state and the company will sell along with the land. GE then plans to lease back those buildings (and whatever or whoever buys the site will be able to build the 12-story building).
The company, which has struggled recently, is planning to keep its headquarters in Boston. But it won’t be as big as the 800 jobs originally envisioned.
As the Globe’s Jon Chesto notes, “GE now expects to employ about 250 people in the 95,000-square-foot Necco complex. That’s slightly more than the number of people who already work at nearby rented corporate offices.”
- GE to sell Fort Point HQ [Globe]