GE to Repay $87 Million for Scaled-Back Headquarters Plan

Money bills coming out of computer monitor

Proceeds from the sale will go to reimburse the state for $87 million it spent on buying and developing the property.

February 27, 2019
Rick Clough - Bloomberg

General Electric Co. will reimburse the state of Massachusetts for funds used to develop the manufacturer’s future headquarters, a project that is now being scaled back under Chief Executive Officer Larry Culp.

GE and the state will jointly sell the property in Boston’s Fort Point neighborhood where the company will make its future home, according to an agreement revealed Thursday. GE still plans to move into the campus later this year -- as a tenant rather than owner -- but it’s scrapping plans to build an adjacent 12-story tower.



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