GE Sold Fort Point HQ Property For $252 Million

BOSTON — Things haven't gone well for General Electric since the company decided to give up its Connecticut headquarters for Boston more than two years ago. The Commonwealth lured GE with about $150 million in tax breaks and incentives in early 2016. But since then, there hasn't been much expansion talk for the multinational conglomerate. It's still planning to base its HQ here, but it's a much smaller HQ they're looking at.

In the latest development, GE just sold the 12-story building it had purchased in Fort Point for its planned headquarters for $252 million, and will reimburse the state for the $87-million tax incentive package Massachusetts offered the company in 2016, the Boston Globe first reported on Thursday.

GE said it was scaling back its plans for locating in Massachusetts and will fall far short of creating the 800 jobs it promised. GE still plans to move into two buildings in Necco Court following renovations, where about 250 people will work. That's slightly more than the company now employs in office space it leases nearby.

Separately, GE will work with the city of Boston to scrap a tax incentive plan that could have been worth as much as $25 million, according to the Boston Globe. Since Larry Culp was named chief executive in October, the company has moved to dramatically cut costs.

So what's it mean for that corner of Fort Point? Curbed Boston reports General Electric’s plan to sell to a pair of developers could lead to a life sciences development in that spot.

- With reporting from Dave Copeland.

See also:

• GE Faces $31 Billion Pension 'Nightmare': Report
• GE Could Break Up As Stocks Continue To Plummet
• Boston Bound: GE Makes Its Decision
• Malloy: GE's Move to Boston 'Hurts'