National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Alexandria, National Development Buying Boston’s Fort Point for $252M
A partnership between Pasadena, CA-based Alexandria Real Estate Equities and National Development acquired General Electric Co.’s headquarters property in Boston’s Fort Point for $252 million. The deal gives back $87 million to MassDevelopment as part of the public funds that had been invested in property.
The 2.7-acre site had been envisioned in 2016 as a new $200-million HQ facility for GE. But the company’s retrenchment strategy caused it to rethink its plan to redevelop two brick warehouses and build a 12-story waterfront tower (pictured) for 800 workers.
GE is planning to move 250 employees into the pair of renovated buildings on the Necco Street site this fall, under a 12-year lease for 95,000 square feet. The balance of the property, including a roughly one-acre land parcel and permits for a 297,000-square-foot tower, are considered prime candidates for a life science development by Alexandria, which is known for building clusters of biotech offices and labs.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Development
- ◦Sale/Acquisition
