GE, MassDevelopment Officially Purchase HQ Site from Proctor & Gamble
General Electric and state economic development officials have finalized a deal with Proctor & Gamble to purchase nearly 2.5 acres in Fort Point, which will serve as the future home of the industrial giant’s global headquarters.
GE’s plans for its $200 million HQ, approved by the Boston Planning and Development Agency (née BRA) last month, include the restoration of two historic brick warehouses, as well as the construction of a 292,000-square-foot, 12-story tower with a photovoltaic veil and a GE logo “you can see from space,” as CEO Jeff Immelt put it.
“This is another important milestone in making our new HQ innovation campus a reality,” said VP Ann R. Klee in a release Thursday. “We continue to move through the process for the necessary reviews and approvals for the HQ project. We’re happy to have been able to complete this with Gillette, allowing us to immediately start rehabilitation of the brick buildings and begin preparing for construction of the new building.”
While GE purchased the land from Proctor & Gamble, Gillette’s parent company, it is MassDevelopment, the state’s quasi-public finance and development agency that bought the brick warehouses. GE did not disclose the terms of the deal in its announcement.
“Boston’s relationship with GE continues to grow stronger, and I am excited that they have finalized the purchase of their new headquarters property,” Mayor Marty Walsh said. “I look forward to GE rehabilitating some of our historic Seaport sites, and breaking ground on their new construction.”
GE still hopes to break ground on the 12-story tower in early 2017, with an expected 2018 completion. Around 175 GE employees currently occupy office space on Farnsworth Street in Fort Point.