12 Deals of Christmas
AMBER ALERT – Share to help find missing 1-year-old

GE to downsize Boston headquarters, reimburse Massachusetts $87M

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

BOSTON  — General Electric is downsizing plans for its world headquarters in Boston.

The company announced Thursday it has reached an agreement with Massachusetts to sell its waterfront property, which is partly owned by the state.

GE says that following the sale, it will pay back $87 million to Massachusetts which was spent luring the company to move its headquarters from Connecticut.

The company, which has been shrinking dramatically in recent years, cited changes in its portfolio and operating model.

GE will keep its headquarters in Boston with about 250 workers and plans to lease space in two existing buildings that will be part of the sale. It will not go forward with previous plans to build a new office tower.

The company will also forego $25 million in property tax relief from Boston.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.