General Electric announces site of new Boston headquarters

FILE - This Nov. 7, 2002, file photo, shows the General Electric Co., corporate headquarters campus in Fairfield, Conn. GE's consideration of moving their headquarters out of Connecticut was among the top stories in the state for 2015. (AP Photo/Bob Child, File)

BOSTON (AP) — General Electric has pinpointed the Boston site for its new world headquarters.

The company announced Thursday it is purchasing about 2.5 acres in South Boston from Procter & Gamble.

The site, along the Fort Point Channel, is currently part of P&G’s Gillette campus and includes two older and mostly empty buildings and a parking lot. The property sits across the channel from a central U.S. Postal Service facility and the South Station transportation hub.

Terms of the deal weren’t disclosed.

GE announced in January it was moving its corporate headquarters to Boston from Fairfield, Connecticut. The company also is talking with Rhode Island officials about opening a branch office in that state.

On the Boston property, GE plans to build a new building, renovate the two older buildings and move to the site in 2018. About 800 GE employees will work there.

GE CEO Jeffrey Immelt discussed the move Thursday at the Boston College Chief Executives Club, promising that any public investment in his company will be worth it.

City and state officials offered General Electric Co. a package of incentives to help secure the move of the company’s headquarters to Boston. The city offered the company up to $25 million in direct property tax relief while the state put up $120 million in grants for infrastructure improvements in and around the eventual site.

The Boston Globe quoted Immelt saying that “for every dollar that was invested in GE being here, you will get back one thousand fold. Take my word for it.”

Immelt also said he’s not going to say anything bad about Connecticut; he feels the move is “really about the future,” the Hartford Courant reported.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

WTNH NEWS8 provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review. Also, you can now block any inappropriate user by simple selecting the drop down menu on the right of any comment and selection "Block User" from there.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s