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

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

BostonDrew said:
"Nothing has changed except the schedule"
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I don't know if I buy that. They may be rethinking how many people they want in Boston. May not need the space.

In any case, I imagine they will still build the new building as is... it's such a great location GE should have no problem selling it for at least the construction costs.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

Seeing a big company go for those quaint cubes at the Necco site (when they could have gone for 1 of the slick Seaport buildings) was cool.... They raced to get the HQ building approved and the champagne was popping. Had my GE tattoo and everything....

in 14 months, an eternity apparently nowadays, a lot can happen....

http://www.bostonglobe.com/business...eadquarters/X50pzJmRRA09RQndpm5EzN/story.html
 
Re: General Electric HQ | 244-284 A Street | Fort Point

jklo said:
I don't know if I buy that. They may be rethinking how many people they want in Boston. May not need the space.

In any case, I imagine they will still build the new building as is... it's such a great location GE should have no problem selling it for at least the construction costs.
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Yuuuuuup:

https://www.bizjournals.com/boston/...ortedly-cutting-corporate-jobs-impacting.html

“The cutting is going to start, and it’s going to be aggressive,” the source told Reuters. The source also said that the effort to cut overhead would lead Flannery to "limit the size" of GE's planned Boston headquarters. It's not clear whether that refers to the size of the firm's workforce or headquarters size.

Asked for comment on the story, a GE spokeswoman noted that Flannery and the company have been publicly planning cost cuts for several months.

GE did not address questions about whether the cuts would affect any of the approximately 250 employees that currently work out of GE's temporary headquarters on Farnsworth Street in Fort Point or whether the company is adjusting its plan to eventually bring 800 workers to Boston.

Earlier this month, citing cost concerns, GE announced it would break up the construction of its permanent Fort Point headquarters into two phases, pushing the completion date into 2021 from mid-2019.
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Re: General Electric HQ | 244-284 A Street | Fort Point

All of this seems a penny wise and a pound foolish. Clearly there's momentum in Boston's tech industry - why would GE want to delay their entry into that to save a (relatively) small amount of money?
 
Re: General Electric HQ | 244-284 A Street | Fort Point

Would be good to see GE stop playing the leverage/margin game and just make stuff.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

Not trying to derail this thread but something we should all talk about is, Marty Walsh seems a shoe-in for re-election this fall but stranger things have happened, and if Tito Jackson somehow pulled off a win, kiss Boston good-bye, for so many reasons.

This is relevant to GE b/c Tito has been vocal about the "$125-million giveaway" that GE received along with a lot of other things.

Regardless of how I feel about Mayor Walsh, having Tito Jackson as mayor would be a disaster, so if you're interested in our future, get involved.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

JohnAKeith said:
Not trying to derail this thread but something we should all talk about is, Marty Walsh seems a shoe-in for re-election this fall but stranger things have happened, and if Tito Jackson somehow pulled off a win, kiss Boston good-bye, for so many reasons.

This is relevant to GE b/c Tito has been vocal about the "$125-million giveaway" that GE received along with a lot of other things.

Regardless of how I feel about Mayor Walsh, having Tito Jackson as mayor would be a disaster, so if you're interested in our future, get involved.
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Agree 100%. Actually 98%... because I don't think Walsh is a shoe in. I've been told lots of activist and community groups may/will support Jackson this fall.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

Jackson would be catastrophic.

Clueless, pathetic, opportunistic fraud.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

I like Tito Jackson, though I think he wouldn't make a particularly great mayor. But I do find it weird that people here are pooh-poohing Jackson for calling out what he believed was a bad bet by Walsh - and, so far, appears to be correct about it? Like, are we criticizing Tito for being right here, or what?
 
Re: General Electric HQ | 244-284 A Street | Fort Point

This thing will never be built as originally proposed, or if it is, it won't be done before 2022.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

FenwayResident said:
All of this seems a penny wise and a pound foolish. Clearly there's momentum in Boston's tech industry - why would GE want to delay their entry into that to save a (relatively) small amount of money?
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Strategy shift. $2B in cuts is no joke, even for a company the size of GE.

In any case I still think they build the building. But it now sure looks like they would have killed it without the breaks.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

I thought pushing back the HQ plans was just a needed reality check after an originally over-ambitious construction schedule, but maybe not...

A couple years from now, the barely-noted expanded Facebook office in Cambridge may hold more employees than the GE move that arrived with SO MUCH fanfare.

Gameguy326 said:
I like Tito Jackson, though I think he wouldn't make a particularly great mayor. But I do find it weird that people here are pooh-poohing Jackson for calling out what he believed was a bad bet by Walsh - and, so far, appears to be correct about it? Like, are we criticizing Tito for being right here, or what?
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The problem is that Tito is against everything. No matter what anybody proposes on any topic you can always count on him to stand up valiantly against it. That's a effective characteristic for an activist but not for a chief executive.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

GE went from good upside to slightly above irrelevant. That stuff happens. Tito Jackson plays politics, grandstands to benefit Tito Jackson. Jackson looks at every business deal for Boston as the next extortion scam. It's frightening to think of what this opportunistic jerk would do running Boston. He'd ruin this City.
 
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Re: General Electric HQ | 244-284 A Street | Fort Point

JumboBuc said:
A couple years from now, the barely-noted expanded Facebook office in Cambridge may hold more employees than the GE move that arrived with SO MUCH fanfare.
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Well, in defense, it's not every day that a company that as recently of last year was in the Top 10 of market cap moves it's HQ. Of course they are no longer in the top 10.. that's why they are doing the cuts.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

Gameguy326 said:
I like Tito Jackson, though I think he wouldn't make a particularly great mayor. But I do find it weird that people here are pooh-poohing Jackson for calling out what he believed was a bad bet by Walsh - and, so far, appears to be correct about it? Like, are we criticizing Tito for being right here, or what?
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Tito is generally against the tax breaks. I have no doubt that Boston arranged it so the tax break goes away if GE doesn't meet its targets. That's what happened with Vertex, a market turn, less jobs, and Vertex paid the city back for the tax break. And we still have GE headquarters in Boston now, which I would describe as a win in the end.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

The city agreed to give GE a $25 million tax break for moving its headquarters from Connecticut, a deal that is based on bringing 800 jobs to the Seaport.

Under the agreement, GE doesn’t have to hit that mark until after 2024 to begin realizing the full $1.5 million in annual incentives, and it could still receive a portion of that even if it brings fewer jobs to Boston. For example, if GE is employing only 400 people here by fiscal year 2025, it still would get $725,000 in tax incentives, and more than $1.1 million if it has 600 employees in the city.
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http://www.bostonherald.com/news/local_coverage/2017/09/walsh_ge_cuts_won_t_hit_boston
 
Re: General Electric HQ | 244-284 A Street | Fort Point

GE announced their third quarter results, and it was real bad.

I bet the building never gets built now.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

When the dust settles and GE reaches bottom it will probably be a good buy opportunity. Not to say it won't cancel/postpone building plans or something even more dramatic.
 
Re: General Electric HQ | 244-284 A Street | Fort Point

This is bad real bad michael jackson
 
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