General Electric said its headquarters will be located in the Seaport District of Boston along Necco Street. The property is under agreement to be purchased from P&G and sits at the edge of its 44-acre South Boston campus—at 5 and 6 Necco Way, representing roughly 2.5 acres.
The new headquarters will include a combination of existing buildings and new construction. The purchase includes two historic buildings, which will be renovated, and an adjoining parking lot, on which GE will construct a new building.
Employees will move to a temporary location in Boston on Farnsworth Street starting in the summer of 2016, with a full move completed in several steps by 2018.
“South Boston is a major hub for innovation and development and GE is excited to be a part of such a dynamic and creative ecosystem that is leading the future,” said GE Vice President Ann Klee. “This centrally-located property presents an excellent opportunity to enhance the Seaport District and the surrounding community. We look forward to bringing our headquarters to South Boston.”
Charlie Pierce, president, The Gillette Co. at P&G, said “When GE contacted us, we saw an opportunity to welcome a world class innovation leader into our neighborhood, benefiting the local community, enhancing the Seaport District and generating value for our shareholders. We’ve designed and manufactured some of the most cutting-edge shaving technology in the world at this site for over a century and it will continue to play a significant role for us in the future.”
GE announced the move of its headquarters to Boston in January 2016. Boston was selected after a careful evaluation of the business ecosystem, talent, long-term costs, employee experience, connections with the world and proximity to other important company assets. Greater Boston is home to 55 colleges and universities.
Massachusetts spends more on research & development than any other region in the world, and Boston attracts a diverse, technologically-fluent workforce. GE will sell its offices in Fairfield, Connecticut and at 30 Rockefeller Plaza in New York City to offset the cost of the move.
In Boston, GE will have roughly 800 people; 200 from corporate staff and 600 digital industrial product managers, designers and developers split between GE Digital, Current, robotics and Life Sciences. GE already has an existing presence in Massachusetts, with nearly 5,000 employees across the state in businesses including Aviation, Oil & Gas and Energy Management. In 2014, GE moved its Life Sciences headquarters to Marlborough, and in 2015 GE announced its energy services start-up, Current, would also be headquartered in Boston.
GE Vice President Ann Klee said, “Going forward, GE plans to be an active part of the Boston community. We believe that Boston can capture future growth in important new innovation in the industrial internet and advanced manufacturing. In addition, the GE team plans to bring a spirit of volunteerism and generosity to community efforts.”