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Development Watch: Alexandria and National to purchase GE Headquarters

Holy Moly, this is big real estate news.  According to Boston Business Journal, GE is in the final stages of deal to sell its headquarters on Necco Street for $220 million.  So who’s shelling out the big bucks for the 2.7 acre piece of property in Fort Point?  Well, it sounds like it’s the development team of Alexandria Real Estate and National Development.  The deal could close as early as Thursday.

To refresh your memory, Alexandria Real Estate is one of the developers – along with Anchor Line – that is hoping to build a large life science building at 99 A Street.  National Development and Alexandria have purchased a multi-story parking garage in the same neighborhood for $81million.  National Development has also purchased many nearly 10 acres of parcels along Dot. Ave for $25 million.   

Back in February it was reported that General Electric would no longer be building its headquarters on that plot of land.  Instead it would give back $87 million in tax incentives to the state and sell off the property.

Lots of changes coming to the neighborhood!

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Maureen Dahill

Maureen Dahill is the editor of Caught in Southie and a lifelong resident of South Boston sometimes mistaken for a yuppie. Hockey mom, yoga enthusiast, lover of red wine and binge watching TV series. Mrs. Peter G. Follow her @MaureenCaught.