General Electric HQ (Necco Buildings Reno) | 5 Necco Street | Fort Point

Re: General Electric HQ | 244-284 A Street | Fort Point

bigpicture7 said:
When a company names its new CEO on the same day they announce the departure/retirement of the current CEO, it means they knew about this succession plan for a very long time. Perhaps as far back, or father, than they planned this Boston move.

So my take is that this will have very little effect at all on whatever is/has been planned for Boston because such things have been in the works concurrently.
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It is being reported as a "six-year long succession planning program"... so yes, they are being very deliberate about their moves. The decision to move the headquarters to Boston will probably be good for a couple decades at least.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

Went by it a couple days ago... looks like they have started digging.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

Hat's off to type for originally breaking this.
New phasing info described in detail below:

From WCVB:

“The original accelerated schedule of constructing the buildings simultaneously over two years would have added a premium to the construction cost," Klee said. "Based on this review, we have decided that it makes more sense and is more cost-effective to construct the campus in two phases.”

The first phase of construction will include two new brick buildings, enhancements to the public Harborwalk and public dock and renovations to the green bridge. The buildings are scheduled to open in the first half of 2019.

In the second phase of construction, a new 12-story building and public open space will both be built. This construction is expected to take about 24 months and is expected to open mid-2021.
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http://www.wcvb.com/article/new-ge-headquarters-construction-delayed-several-years/11656511
 
Re: General Electric HQ | 244-284 A Street | Fort Point

Get ready for the HQ building project being cancelled or delayed indefinitely again around 2020 when they "miss" the start of construction in 2019. GE will claim "changing workforce requirements" or "shifting focus".
 
Re: General Electric HQ | 244-284 A Street | Fort Point

Thanks BP7. I am very intrigued to see how the new brick buildings will fit/mold into the existing Fort Point, even if Phase 2 doesn't happen.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

The brick buildings are already there, they are just rehabbing them for modern office space.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

Sounds to me as if they are re-thinking the design of the new building.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

meddlepal said:
Get ready for the HQ building project being cancelled or delayed indefinitely again around 2020 when they "miss" the start of construction in 2019. GE will claim "changing workforce requirements" or "shifting focus".
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That would be tough, given that the Commonwealth and City gave them $150M in handouts. This sounds more like a new CEO screwing with his predecessor's pet project.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

I see this delay as nothing more than a "snap back to reality" moment. The original plan of opening in 2018 was never going to happen, period. We were saying as much on this forum when it was announced back in spring of 2016. Development in Boston never works on a two-year timeline. Even the second, updated timeline of opening in 2019 was still really optimistic.

2021 is a much more realistic goal. And even this -- 5 years from announcement to completion -- is still aggressive for Boston.

This delay, in one form or another, was always destined to happen. Now it's just been revealed.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

JumboBuc said:
I see this delay as nothing more than a "snap back to reality" moment. The original plan of opening in 2018 was never going to happen, period. We were saying as much on this forum when it was announced back in spring of 2016. Development in Boston never works on a two-year timeline. Even the second, updated timeline of opening in 2019 was still really optimistic.

2021 is a much more realistic goal. And even this -- 5 years from announcement to completion -- is still aggressive for Boston.

This delay, in one form or another, was always destined to happen. Now it's just been revealed.
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It also allows the new CEO to spread out the spending over more years.

GE's numbers have not been great recently. The CEO change (planned but originally not imminent) was largely forced by the Board at this time to install someone to "look after the numbers".
 
Re: General Electric HQ | 244-284 A Street | Fort Point

JeffDowntown said:
It also allows the new CEO to spread out the spending over more years.

GE's numbers have not been great recently. The CEO change (planned but originally not imminent) was largely forced by the Board at this time to install someone to "look after the numbers".
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The stock has been absolutely brutalized.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

How many employees does GE currently have in Boston and where are they all working out of?
 
Re: General Electric HQ | 244-284 A Street | Fort Point

mass88 said:
How many employees does GE currently have in Boston and where are they all working out of?
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It's in the linked Globe article.

Boston Globe said:
The industrial giant relocated its headquarters to Boston’s Fort Point neighborhood roughly one year ago, to temporary offices on nearby Farnsworth Street, while it worked on lining up its permits for its new complex at the northern edge of Procter & Gamble’s Gillette campus.

[...]

More than 250 people work at the Farnsworth Street offices today.
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Re: General Electric HQ | 244-284 A Street | Fort Point

JumboBuc said:
2021 is a much more realistic goal. And even this -- 5 years from announcement to completion -- is still aggressive for Boston.
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5 years to build a 12 story building and rehab 2 existing buildings = aggressive? Especially for one of the largest companies in the country. Really?
 
Re: General Electric HQ | 244-284 A Street | Fort Point

BosDevelop said:
5 years to build a 12 story building and rehab 2 existing buildings = aggressive? Especially for one of the largest companies in the country. Really?
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It took Converse (Nike) two-and-a-half years to move into their current HQ once they'd picked the building. That was purely rehab.

John Hancock (Manulife) released plans and renders more than two years ago for their new building on Stuart Street. They'd surely been working on it for months (if not years) by that point, and as of today there has still been zero physical progress in making it happen.

It took New Balance more than three-and-a-half years from their letter of intent to build a new HQ on the campus they already occupied.

So okay, 5 years from decision to move (with no site picked out, no plans or drawings, nothing) to a new 12-story building and two rehabbed buildings may not be "aggresive" but it's certainly not slow.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

Agreed. People aren't realizing how slow things work, especially when dealing with a waterfront development with a complicated land acquisition scheme (P&G, Massport, etc). No worries on a 2021 opening and having seen the costs from the relocation of a division from one city to another in a previous job I can tell you that expense runs in the millions and you don't just do it lightly. Its not like GE is going back to CT.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

Construction might be slowed, but site prep is underway
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Re: General Electric HQ | 244-284 A Street | Fort Point

very disappointing.
 
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