General Electric Picks Fort Point for New Global Headquarters

BOSTON, MA - General Electric has chosen a stretch of land in South Boston's Fort Point as the new home for its global headquarters, the corporation announced Thursday.

The multinational conglomerate said the move will create approximately 800 jobs.

General Electric announced in January that it would be moving its headquarters from Fairfield, Conn., to Massachusetts.

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The stretch of land on Necco Way is being purchased from Procter & Gamble. Terms of the deal were not available.

GE said it hopes to be in Boston by 2018.

GE’s Life Sciences is already in Marlborough, and in GE said last year its energy services start-up, Current, would also be stationed in Boston.

GE worked with the the city and state in coming up with an incentives package that includes a city offer of up to $25 million in property tax relief and a state package of up to $120 million of additional benefits.

The city and state are also offering up to $5 million for an innovation center to connect the company to the community, a commitment to improve local transportation in the area, and assistance in helping GE employees in their move to Boston, among other promises.

“General Electric’s choice to move to Boston is the result of the city’s willingness and excitement to work creatively and collaboratively to bring positive activity to our local economy and continue to grow our industries,” said Mayor Martin J. Walsh in a statement immediately following the January announcement.