May 13, 2019
A partnership between Pasadena, CA-based Alexandria Real Estate Equities and National Development acquired General Electric Co.’s headquarters property in Boston’s Fort Point for $252 million. The deal gives back $87 million to MassDevelopment as part of the public funds that had been invested in property.
The 2.7-acre site had been envisioned in 2016 as a new $200-million HQ facility for GE. But the company’s retrenchment strategy caused it to rethink its plan to redevelop two brick warehouses and build a 12-story waterfront tower (pictured) for 800 workers.
GE is planning to move 250 employees into the pair of renovated buildings on the Necco Street site this fall, under a 12-year lease for 95,000 square feet. The balance of the property, including a roughly one-acre land parcel and permits for a 297,000-square-foot tower, are considered prime candidates for a life science development by Alexandria, which is known for building clusters of biotech offices and labs.
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