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

[shmessy]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

Globe reporting: GE to sell Fort Point HQ, give back $87m to state

https://www.bostonglobe.com/busines...-incentives/C3s2KqiwTtg6Xm5Ry7poSK/story.html

Big day today for corporate un-deals.

Here comes Bezos!!!!!! (j/k)

.

 

[JumboBuc]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

Here comes Bezos!!!!!! (j/k)

But actually...

 

[shmessy]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

But actually...

I know......I'm trying to fight it off while it's crossing my mind also.

Correct me if I'm wrong - - at first blush, Boston made out quite well in getting fully reimbursed here and STILL keeping some of those CT moved executive GE jobs, while possibly getting to make some seriously increased dough on repackaging that real estate? (I know, GE still owns the property for the HQ, but....) There's been a few sales from P&G of some other acres along the channel the past few months......Things are beginning to gel there.

.

 

[Beton Brut]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

In the meantime, I can't wait to read Rifleman's reaction to this.

"Too soon!"

 

[stellarfun]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

I know......I'm trying to fight it off while it's crossing my mind also.

In the meantime, I can't wait to read Rifleman's reaction to this.

Correct me if I'm wrong - - at first blush, Boston made out quite well in getting fully reimbursed here and STILL keeping some of those CT moved executive GE jobs, while possibly getting to make some seriously increased dough on repackaging that real estate? (I know, GE still owns the property for the HQ, but....) There's been a few sales from P&G of some other acres along the channel the past few months......Things are beginning to gel there.
.

See Board issues subforum.

 

[shmessy]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

Furthermore in that Globe article, there's this:
____

"GE executives said they still plan to complete the open space work and renovations to a pedestrian bridge that the company promised. GE also said it will not waiver from a commitment to give $50 million, over time, to local charitable organizations.

From where I’m standing today, where we are is a good place for GE,” Klee said. “We love being in Boston. We’re proud to have our headquarters in Boston.”
____


Until I learn otherwise , this whole gambit was a nice win for Boston and opens up some intriguing future developments with healthier partners.

 

[Suffolk 83]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

Here comes Bezos!!!!!! (j/k)

.

I dont understand people's hard on for Amazon. Seems pretty obvious its a bad deal for whatever cities it ends up in if NYC backs out

 

[bigpicture7]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

This is actually welcomed news all around (especially GE's "doing the right thing" actions).

It's welcomed news because we all knew nothing was going to be done with that parcel for years and years if it remained in GE's hands. Now something useful (more so than parking lot) can be put there.

I actually wouldn't even be surprised if there was some back channel deal with an office building developer (e.g., a Sanksa type) in the works that could give GE a lease-back option for some additional space down the road in whatever structure gets built here. When a company's books are in bad shape sometimes they sell property/lease-back to deal with near-term cash issues. Even if that's not the case here, I wouldn't be surprised if GE kept this on their radar screen if it ends up being a multi-tenant office building for possible expansion space options.

Looking forward to what comes next on this parcel.

 

[shmessy]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

I dont understand people's hard on for Amazon. Seems pretty obvious its a bad deal for whatever cities it ends up in if NYC backs out

I wasn't intimating it was a good or bad thing. Was just making a joke that, evidently, was crossing other people's minds given the timing of the two corporate announcements on the same day.

.

 

[CSTH]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

Globe reporting: GE to sell Fort Point HQ, give back $87m to state

https://www.bostonglobe.com/busines...-incentives/C3s2KqiwTtg6Xm5Ry7poSK/story.html

Big day today for corporate un-deals.

Wow.

Relieved that - at this point - looks GE is not going to leave the state & city holding the bag.

But mostly my reaction is that this outcome would have been completely inconceivable - outside of a global economic meltdown - at any point prior to like 18 months ago....

(At least we're not looking for a new anchor tenant for the Heliport!)

 

[rinserepeat]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

Here comes Bezos!!!!!! (j/k)

.

Don’t they have offices next door? Also seems like an odd coincidence that they pull out of nyc the exact same day as GE announces this sale.

 

[odurandina]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

Can you please not bump a thread with news stories that are only tangentially related to a development?

Yes, we already know GE is in a financially bad spot. Unless there's something to report tying that back to thi sdevelopment, this is off-topic and inconsiderate.

Yes, "Sealed its fate." was relevant at the time, as GE would likely not fulfill it's financial requirements and likely end its plans for new HQ as originally planned.

 

[cubalibre]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

“GE also confirmed what has been widely assumed for a while now: It has no plans to proceed with the striking 12-story tower next door that it had originally envisioned.”

I’m not too upset by that development. While unusual, I was not a fan of that proposal.

 

[odurandina]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

Those who called it 'never getting built,' just shy of 2 years ago;

y'all beat the official news by what, 22 months?

Nicely done.

 

[nepatz11]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

Is the GE museum still being done? Would have been a cool take.

 

[jklo]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

Don’t they have offices next door? Also seems like an odd coincidence that they pull out of nyc the exact same day as GE announces this sale.

It's basically next door yes.

Kind of curious, if Amazon wanted to, how much pushback do you think they would get if they (or someone building it for them) wanted to knock down the Necco buildings?

 

[JumboBuc]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

Kind of curious, if Amazon wanted to, how much pushback do you think they would get if they (or someone building it for them) wanted to knock down the Necco buildings?

But nobody would want to do this.

 

[mdd]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

It's basically next door yes.

Kind of curious, if Amazon wanted to, how much pushback do you think they would get if they (or someone building it for them) wanted to knock down the Necco buildings?

It would never happen. The Necco buildings are protected under the Boston Landmark's Commission.

 

[odurandina]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

It's basically next door yes.

Kind of curious, if Amazon wanted to, how much pushback do you think they would get if they (or someone building it for them) wanted to knock down the Necco buildings?

in what universe would this be desirable to anyone?

These buildings are TRUE Boston treasure.....

as opposed to garbage like 133 Fed and the State Service Ctr bldg.

 

[odurandina]

Re: General Electric HQ (Phase 1 - Necco Buildings Reno) | 244-284 A Street | Fort Po

GE’s would-be HQ tower could be turned into labs

https://www.bostonglobe.com/busines...d-into-labs/SVoTJ7nIHz6lRGPL58Vw4O/story.html

A buyer could opt to try something different on the acre where the tower would go. But that would mean a year-long slog through meetings and negotiations at City Hall. The CBRE pitch instead plays up the “shovel ready” nature of the tower plan for 15 Necco. Another plus: the promise of at least 10 years of rent, starting at nearly $4.2 million a year, from GE for 5 Necco.

The 12-story tower, a stone’s toss from South Station, could be ideal for another headquarters office — presumably for a corporate tenant in better financial health than GE.

But the lab proposal offers a compelling alternative. Look at all the VC money coursing through the industry. In a recent market overview, brokerage Hunneman notes that Boston-area biotechs raised $4.3 billion in 2018, roughly equaling what the sector raised in the previous two years combined. IPO funds, meanwhile, more than doubled in 2018 from the year before.