{"id":1004140499,"date":"2016-03-29T01:39:41","date_gmt":"2016-03-29T09:39:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004140499"},"modified":"2023-08-10T04:26:13","modified_gmt":"2023-08-10T12:26:13","slug":"general-electric-finds-new-home-in-bostons-seaport-district","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/general-electric-finds-new-home-in-bostons-seaport-district\/","title":{"rendered":"General Electric Finds New Home in Boston’s Seaport District"},"content":{"rendered":"

Following January\u2019s announcement that GE would transition its global headquarters<\/a> from Fairfield, Conn., to Boston, Mass., the $130 billion high-tech global industrial company has found itself a home, acquiring 110,000 square feet in the Seaport District from Procter & Gamble Co.<\/p>\n

\u201cSouth Boston is a major hub for innovation and development and GE is excited to be a part of such a dynamic and creative ecosystem that is leading the future,\u201d Ann Klee, GE\u2019s vice president, said in a prepared release. \u201cThis centrally-located property presents an excellent opportunity to enhance the Seaport District and the surrounding community. We look forward to bringing our headquarters to South Boston.\u201d<\/p>\n

GE\u2019s new headquarters will include a combination of existing buildings and new construction<\/a>. The acquisition includes two historic buildings, which will be renovated, and an adjoining parking lot, on which GE will construct a new building. The corporation\u00a0expects to spend in the $80 million-to-$100 million range for the new headquarters, including land acquisition costs.<\/p>\n

Jeff Immelt, GE\u2019s chief executive, appeared at the Boston College Chief Executives Club last week and hinted something would be announced soon.<\/p>\n

\u201cThere are buzzwords, \u2018Industrial Internet\u2019 and things like that, but it\u2019s real and it\u2019s going to happen,\u201d Immelt said at the time. \u201cIf Boston isn\u2019t the headquarters of that flow, shame on both of us.\u201d<\/p>\n

Located along Necco Street, the property sits at the edge of P&G\u2019s 44-acre South Boston campus\u2014at 5 and 6 Necco Way, representing roughly 2.5 acres.<\/p>\n

\u201cWhen GE contacted us, we saw an opportunity to welcome a world class innovation leader into our neighborhood, benefiting the local community, enhancing the Seaport District and generating value for our shareholders,\u201d Charlie Pierce, president, The Gillette Co. at P&G, said in the release. \u201cWe\u2019ve designed and manufactured some of the most cutting-edge shaving technology in the world at this site for over a century and it will continue to play a significant role for us in the future.\u201d<\/p>\n

When the move was announced in January, it was met with a great deal of support.<\/p>\n

\u201cI think it\u2019s a really big win for Boston and the metro area,\u201d Mark Stewart, Savills Studley\u2019 senior vice president and New England branch manager, told Commercial Property Executive<\/a> at the time. \u201cGE is a big name, and it\u2019s a validation of a lot of the things Boston has that are somewhat unique.\u201d<\/p>\n

At\u00a0GE\u2019s new Boston headquarters, the company will employ\u00a0roughly 800 people; 200 from corporate staff and 600 digital industrial product managers, designers and developers split between GE Digital, Current, robotics and Life Sciences. Additionally, a GE Digital Foundry will be created for co-creation, incubation and product development with customers, startups and partners.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company estimates spending as much as $100 million for its new base, including land acquisition costs.<\/p>\n","protected":false},"author":873,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21782,21808,21783,21742,10,21747],"tags":[],"class_list":["post-1004140499","post","type-post","status-publish","format-standard","hentry","category-boston","category-deals","category-development","category-featured","category-investment","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nGeneral Electric Finds New Home in Boston's Seaport District - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/general-electric-finds-new-home-in-bostons-seaport-district\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"General Electric Finds New Home in Boston's Seaport District\" \/>\n<meta property=\"og:description\" content=\"The company estimates spending as much as $100 million for its new base, including land acquisition costs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/general-electric-finds-new-home-in-bostons-seaport-district\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-29T09:39:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-10T12:26:13+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/general-electric-finds-new-home-in-bostons-seaport-district\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/general-electric-finds-new-home-in-bostons-seaport-district\/\",\"name\":\"General Electric Finds New Home in Boston's Seaport District - 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