Talk about a bust…
After three years of residing in Fort Point, General Electric Headquarters will say so long to the neighborhood!
The Boston Globe is reporting that GE notified its employees on Tuesday morning that it’s moving out of 5 Necco Street – two newly renovated brick buildings. Evidently, the company would like to find office space in Boston but a little bit smaller. In the beginning, GE thought they’d have about 800 people filling the buildings but less than 200 are currently working there.
Basically, thanks to COVID-19, more and more employees are working from home and aren’t in the office as much. GE opened just a few months before the pandemic started.
Back in 2016, GE had unveiled ambitious plans to open a different – much larger – 12-story headquarters also in Fort Point but in 2019 (pre-pandemic) decided to sell it and move to more modest digs on Necco Street. GE also had to reimburse $87 million in incentives and tax breaks back to the state.
According to the Globe, GE had signed a 12-year lease in 2019 for the Necco Street address. It’s unclear if GE will be subleasing the space or negotiating some sort of exit deal with the property owner. The company plans to vacate the buildings next year.
You can read the full details here!