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

[bigpicture7]

Visible from Mars! (Had to, for those that were around then...)

What is most striking about the GE/Boston-HQ flame-out is not that it ultimately happened, but extraordinariness of an over-the-top grand announcement (a la 'visible from mars') coupled with the company (one of the topmost industrial titans of America's history) immediately going down the toilet the second the ink dried on the deal. Really quite an impressive coupling of pomp-and-failure, hard to replicate even if another company tried.

 

[RandomWalk]

It would have been better if they had placed their headquarters on part of the Riverworks in Lynn. However, that would have meant forgoing the sweet benefits Boston dropped in their lap.

 

[North Street]

Jack Welch is rolling in his grave.

 

[Gunner02]

Jack Welch is rolling in his grave.

He has been for a hard decade+

 

[vanshnookenraggen]

Jack Welch is rolling in his grave.

Jack Welch can rot there. He is the reason GE is falling apart. He chose short term growth over long term stability.

 

[Justbuildit]

The front cover on the lower section is off and the scaffolding is on its way down. More high quality brickwork facing the channel, but details around the windows remain.

The main sunken window frames also add a nice copper/rust effect when viewed from an extreme angle (see right side of the las picture). Coming along nicely!

 

[North Street]

At first I thought that this building was too busy looking but I’m starting to like it now. It definitely says “Look at me”.

 

[Equilibria]

The front cover on the lower section is off and the scaffolding is on its way down. More high quality brickwork facing the channel, but details around the windows remain.

The main sunken window frames also add a nice copper/rust effect when viewed from an extreme angle (see right side of the las picture). Coming along nicely!

View attachment 34145View attachment 34146View attachment 34147View attachment 34148

Great pics - Thread is here: https://archboston.com/community/threads/eli-lilly-igm-15-necco-street-fort-point.5924/

 

[Justbuildit]

Great pics - Thread is here: https://archboston.com/community/threads/eli-lilly-igm-15-necco-street-fort-point.5924/

Gah! Dammit. I’ve even posted in that thread. 15 v 5 Necco confusion, my mistake

 

[shmessy]

It would have been better if they had placed their headquarters on part of the Riverworks in Lynn. However, that would have meant forgoing the sweet benefits Boston dropped in their lap.

What? Boston/MA made out like a bandit on GE's fail. If Boston/MA could pull that kind of poison pill deal on every company, it should do it exactly the same. Whoever at City Hall/Statehouse negotiated that deal was an ace.

 

[Equilibria]

What? Boston/MA made out like a bandit on GE's fail. If Boston/MA could pull that kind of poison pill deal on every company, it should do it exactly the same. Whoever at City Hall/Statehouse negotiated that deal was an ace.

Yup - all the benefits, none of the costs (handouts) and more jobs through Vernova without needing to pay them a dime. Boston/MA won GE (and won Amazon too). HQs are overrated.

 

[tysmith95]

Yup - all the benefits, none of the costs (handouts) and more jobs through Vernova without needing to pay them a dime. Boston/MA won GE (and won Amazon too). HQs are overrated.

Feds should just pass a law saying no discretionary tax breaks should be in place to private enterprises (eg charging one project less than others), and no public ownership of sports teams

Stupid to give out handouts.

 

[Suffolk 83]

 

[Jahvon09]

And as usual, graffiti has invited itself in on the temporary green fence!! Hah!!

 

[shmessy]

What? Boston/MA made out like a bandit on GE's fail. If Boston/MA could pull that kind of poison pill deal on every company, it should do it exactly the same. Whoever at City Hall/Statehouse negotiated that deal was an ace.

.......not only that, but it's now a leaner, meaner growth company in a few future oriented niches. Watch them actually EXPAND in a few years somewhere in that Ft Point area. Ebbs and Flows......

Today's Globe:

GE’s profit beats Wall Street’s expectations as CEO’s turnaround takes hold - The Boston Globe

The Boston-based General Electric has said it’s aiming to more than double earnings this year before separating its energy-related businesses in early 2024.

www.bostonglobe.com

GE’s profit beats Wall Street’s expectations as CEO’s turnaround takes hold
By Ryan Beene Bloomberg,Updated April 25, 2023, 45 minutes ago

"....... Free cash flow — a closely watched measure of earnings power — was $102 million in the first quarter, significantly better than the $731.5 million outflow that analysts expected in the period, typically GE’s weakest based on the seasonality of its businesses. GE said it was the first time in nearly a decade it generated positive free cash flow in the first quarter. " (bold emphasis mine)

There's a lot more data points in there, but suffice to say (and after the past few years, I cannot believe I'm saying this, but) GE may be a tremendous growth opportunity after hitting its nadir and may be a very nice source of more future growth in he Seaport/Ft Point area.